FHA Streamline Refinance Explained | Find The Perfect Loan

If you currently have an FHA loan and
are looking to refinance, an FHA streamline might be a
great option for you. FHA streamlines can be significantly easier
than trying to refinance into a conventional loan, and have several
benefits. First of all, FHA streamlines use your
original purchase price as your home’s current value, regardless of what you home is
worth today, so no appraisal is necessary. This can be extraordinarily for homeowners
with mortgage that are currently under water. Another benefit of FHA streamlines is that we
only look at your mortgage history. Payment history on all other debt is
not reviewed. This can be a big help if you’ve been up to date
on your payments, but have had other factors that lowered your credit. We also don’t verify your income or calculate
your debt-to-income ratio. Now let’s talk requirements. In order to qualify for an FHA streamline, you
must have made at least six payments on your home, and have a perfect six-month
payment history. We also require that you must currently be
employed to qualify for an FHA streamline. So to sum it all up, FHA streamlines are a great
option for current FHA loan holders who are looking to refinance, and you may qualify if you
are currently employed, and have made at least six payments on
your mortgage. To learn more about FHA streamlines,
and for other mortgage resources, visit totalmortgage.com

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