
Have an FHA Loan? Save Money Now
Did you know there is an FHA refinance loan out there that doesn’t require an appraisal? Doesn’t require taxes / W2’s / Pay stubs or a ton of invasive questions? If you have been in your FHA loan for 210 days or more without a missed payment, you can qualify for the FHA Streamline refinance loan.
How it works:
If you’ve reliably paid your FHA mortgage for a minimum of 6 months / 210 days, you are eligible for a reduction in rate without a lot of closing costs or questions. The FHA assumes if you are still making your mortgage payment on time that you they can refinance you without verifying income.
Requirements:
- Be in the loan for 6 payments / 210 days
- Minimum reduction of 1/2% in the rate
- Must save at least $50 on your payment
- Need a current drivers license / social security card
- Requires a current utility bill
- Requires a recent mortgage statement
No Appraisal Needed:
Even if you closed on your mortgage 10 years ago, another appraisal is not required on this refinance. So there is an average savings of $500.
No Income Verification:
No paystubs , taxes or income verification needed. As long as you are paying your mortgage on time you qualify without this.
Miss a Mortgage Payment
As with all refinances, you miss at least 1 mortgage payment without penalty.
Closes in 15-30 days:
These loans close quickly and efficiently. There are not a lot of questions with them. Once you’ve signed the initial documents you likely won’t need anything until closing day.
Rates are LOW
The reason these loans are popular right now? Mortgage rates are incredibly low and people are often getting their entire closing costs paid for them.
The Take Away:
If you are even considering a refinance and are in an FHA mortgage this is worth looking into. I’ve been presenting it with great success to many clients and they are loving the savings and ease. Rates likely won’t stay low forever and are anticipated to go up in January, so jump on the bandwagon now.
What Can I Do Now?
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Justin Scott
NMLS 8758581
Executive Mortgage