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FHA Streamline Program

If you currently have an FHA mortgage on your home and you are interested in refinancing your property, the FHA Streamline program may be the right option for you. This is among the fastest and easiest refinance options available for those who already have an FHA home loan, and it also can be one of the most affordable options. Quintessential Mortgage Group is dedicated to providing personalized assistance to each of our valued clients. We look forward to answering all of your questions regarding our program.

The Benefits of the Streamline Program

 

The FHA Streamline program is ideal for properties that are owner-occupied, and it gives you the ability to reduce your interest or even lower your monthly mortgage payments without enduring the time, expense and hassle associated with ordering an appraisal. There is also less paperwork and documentation associated with this loan program in comparison with many other types of refinance loans. Because there is not an appraisal requirement, you will not have to pay extra fees or wait for third-party reports to be completed. Altogether, you may find that the Streamline program is a simpler and easier way to refinance your loan.

 

The FHA Streamline program is ideal for properties that are owner-occupied, and it gives you the ability to reduce your interest or even lower your monthly mortgage payments without enduring the time, expense and hassle associated with ordering an appraisal. There is also less paperwork and documentation associated with this loan program in comparison with many other types of refinance loans. Because there is not an appraisal requirement, you will not have to pay extra fees or wait for third-party reports to be completed. Altogether, you may find that the Streamline program is a simpler and easier way to refinance your loan.

Important Streamline Facts

 

The FHA Streamline program is ideal for properties that are owner-occupied, and it gives you the ability to reduce your interest or even lower your monthly mortgage payments without enduring the time, expense and hassle associated with ordering an appraisal. There is also less paperwork and documentation associated with this loan program in comparison with many other types of refinance loans. Because there is not an appraisal requirement, you will not have to pay extra fees or wait for third-party reports to be completed. Altogether, you may find that the Streamline program is a simpler and easier way to refinance your loan.

Streamline Your FHA Loan

  • Transfer impound/escrow accounts.
  • Non-credit qualifying streamline requires no appraisal or income documentation.
  • No credit scores required for mortgage rating credit reports or mortgage only ratings.
  • Any occupancy type in accordance with HUD guidelines. Existing loan cannot have any lates within the last 6 months.
  • Employment is not required to be verified, current and up to date borrower contact information is required.
  • Asset validation for closing is required.
  • Existing subordinate financing may remain in place up to 125% CLTV.
  • Condominium’s do not require FHA approval for streamline transactions.
  • A maximum insurable mortgage may not exceed the outstanding principal balance subtracting the refund of the upfront MIP in addition to the new MIP.
  • Loan limits may exceed current limit for non-credit qualifying streamlines.
  • No minimum FICO credit score required if no late payments in past 6 months
  • No appraisal required
  • No documentation required
  • Must have a current FHA loan to be eligible
  • Reduced documentation compared to standard FHA loans
  • Mortgage history: 1 x 30 days last 12 months, 0 x 30 days last 6 months since assigned case number. 
  • Credit qualifying loan programs available
  • Manufactured housing property types may be eligible
 

Learn more regarding our FHA Streamline program by connecting with our award-winning team today!

 

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