Getting Approved For A Fha Streamline Refinance
Early in 2010, Present Barack Obama laid out the First Time Home Buyer's Credit Stimulus Plan
. Many first time home buyers therefore pursued the closing of their homes by June. Because of this, many people applied for FHA loans. With this kind of loan, you have the chance to put as little as 3.5% down on the purchase of your next home. Since the rush to take out these loans in June, the interest rates on FHA mortgage loans have declined a significant amount. For this reason, you may have interest in an FHA streamline refinance, which is what the FHA refinancing process is known as.The reason why FHA refinancing is known as FHA streamline refinance is because you are allowed to decrease the interest rate you pay on your current loan without a home appraisal. Also, much of the paperwork typically associated with home refinancing is cut out, such as you need no income documentation to be approved. This is good news for people who want to have their FHA refinancing processed quickly so they can begin saving money immediately. You could begin and end the process within a 30-day period.
With an FHA streamline refinance, the loan application is shortened but still exists. It is excellent that no income documentation, proof of employment, or assessment of assets is made for this process to go through. Instead, the main things you need are to be current on mortgage for the last year and you must have a FHA loan already in place to qualify for refinancing. Being current on mortgage for the last year means you have not had any late payments on a 30-day payment plan in the last 12 months. Plus, you obviously must have a FHA loan to qualify because you cannot refinance what you do not currently have.
Plus, to qualify for an FHA streamline refinance, it does not hurt to have a good credit score either. For approval, make sure you have at least a 640 credit rating. Also, you cannot have had a derogatory credit issue within the last 12 months. Remember that FHA refinancing will only be beneficial if your current rate is much higher than the new rate you will be given. The refinancing process is designed to lower your payments and more quickly pay off the principle on your loan. With your FHA streamline refinance approval, you will be on your way.
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