FHA Streamline Refinance in Florida
What is FHA Streamline Refinance?
Homeowners with existing FHA mortgages now have access to a special mortgage product known as the FHA Streamline Refinance. Sometimes it has been called a FHA to FHA refinance. Homeowners that have been using FHA to refinance their mortgage rates find that FHA Streamline Refinance as being much faster and simpler to use when they refinance.
You can even use a FHA Streamline if your current property is no longer your primary residence. The reason how FHA makes it so easy for borrowers to refinance their old FHA mortgages into new FHA mortgages. Even though there is not a lot of qualifying, is because the agency already backs these loans. By making it easy for FHA borrowers to get better mortgages, the agency reduces the chance of risk while helping homeowners get better loans.
If you are interested in learning more about the recently announced FHA Streamline Refinance Program you are at the right place.
- The FHA Streamline Refinance is a special refinance program available only to homeowners with FHA-insured mortgages.
- As defined by the FHA, the FHA Streamline Refinance is a reduced-paperwork, verification-free, appraisal-less refinance program meant to lower a homeowner’s monthly mortgage payment by 5 percent or more monthly.
- The “FHA No Cost Streamline Refinance Program” is a Government initiative to help homeowners that are underwater and have made their mortgage payments in a timely fashion.
Some benefits of refinancing with FHA Streamline in Florida:
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- There is absolutely no closing costs.
- No full credit report review. The only qualification is a timely mortgage history.
- No appraisal. It is OK even if property values have gone down.
- No income verification. Little increase in your loan balance. Preserve your equity.
- Skip a mortgage payment.
This Is Your Government Bailout
Finally, a program that rewards hard working, responsible homeowners by allowing them to refinance to historically low interest rates even if they are upside down on their mortgage do to no fault of their own. Take advantage of today’s historically lower interest rates. This opportunity is, of course, a limited time offer – rates will increase again. If you act fast you can join the thousands of informed FHA homeowners who have recently taken advantage of this federally granted benefit with no cost to you, the homeowner.
Call and talk to one of our experienced Florida Mortgage professionals today. This government program will expire soon. You have nothing to lose but that high interest rate.