FHA Streamline Loan

“Streamline refinance” refers to having a lesser amount of documentation and underwriting performed by the lender. It is important to note that streamline refinancing does not mean that there are no costs involved in the transaction.

In short, FHA Streamline loans can help homeowner’s lower their monthly mortgage payments and interest rates, regardless of being underwater on their mortgage. The FHA will refinance a home without added cost or penalty.

How do you qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage—if you don’t have an FHA loan but want to refinance, your options include conventional refinancing or applying for an FHA refinancing loan.

For those who do have an FHA home loan, the other basic requirements for FHA Streamline are:

  • Being current on the existing loan with all mortgage payments made on time for the last year.
  • Owning your original property for at least six months.
  • Obtaining an FHA-approved lender.
  • FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.
  • Closing costs must be paid up front or arranged for through a “no-cost” FHA Streamline loan. You may also choose to include the closing costs into your loan a “with appraisal” FHA Streamline loan.

The benefits with Streamline FHA-guaranteed loans:

  • Lower Interest Rates
  • Security of a Fixed Rate Mortgage
  • Refinancing your mortgage fast and simple
  • Receiving permanent lower monthly payments
  • Using the original purchase price of a home to avoid re-appraising

When it comes to your mortgage, Integrity Financial is about helping you receive the best results simply and hassle-free. FHA Streamline loansare a great way to cut costs, save money and enjoy life a little more worry-free during this difficult economy.

Integrity Financial Services is a full service residential and commercial lending company. We are committed to 100% customer satisfaction and understand our clients have choices for their mortgage needs. That is why we pride ourselves in a sound consultative approach to deliver the right loan program to meet their needs.

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Integrity Financial Services of Tampa Bay Inc. DBA Integrity Financial Services (“Company”) is a Florida Licensed Mortgage Lender NMLS #327908. Integrity Financial Services is not affiliated with any government agency.