The FHA Streamline Refinance in Florida is a mortgage loan available to homeowners who currently have existing FHA loans. The program allows home refinancing to be simplified by waving the documentation typically required by the bank. This includes waiving of employment verification, income verification, bank account and credit score, and appraisal of your home. Homeowners are also able to use this mortgage program to reduce or eliminate their mortgage insurance premiums on their current FHA mortgage loan. NSH Mortgage has the FHA Streamline Refinance Guidelines for homeowners thinking about a Florida refinance with mortgage refinance rates today.
Florida Refinance Rates Today
The FHA Streamline Refinance is a specific product for homeowners who currently have an FHA loan. It is the fastest and easiest way for FHA-insured homes to be refinanced in Florida with refinance rates today.
FHA Streamline Program Pros And Cons
The defining characteristic and most important pro of the FHA Streamline Refinance is that it does not require a home appraisal. Instead, the program allows you to use the value of your home at your original purchase price. This allows you to get a Florida refinance for your home even if you are currently underwater on your FHA mortgage. This is one of the most defining actions we have for clients trying to get a Florida refinance with refinance rates today.
Even if you owe twice as much as your home is worth, you will still be eligible to receive a FHA Streamline Refinance. The FHA will still refinance your home without added expenses and costly penalties.
The Florida appraisal waiver has been a huge hit with homeowners seeking a Florida refinance. The FHA program also allows unlimited loan to value (LTV) home loans. Homeowners outside of Florida have taken advantage of these FHA Streamline Refinance Guidelines as well. Spreading to states such as Georgia, California, and Arizona, homeowners have benefited greatly from refinance rates today.
Am I FHA Streamline Refinance Eligible?
Even though the FHA Streamline Refinance Program takes away the traditional refinance restrictions, it still has a specific set of FHA Streamline Refinance Guidelines. These guidelines are listed below:
FHA Streamline Refinance Guidelines:
- 3-Month Payment History Is Required On Your Current Mortgage
- 210-Day “Waiting Period” Between Florida Refinances
- Employment And Income Are Not Required For Eligibility
- Credit Score Is Not Required
- The FHA Streamline Refinance Must Have A Purpose
- Mortgage Loan Balances May Not Be Used To Cover Current Loan Costs
- Home Appraisal Is Not Required
- FHA Streamline Refinance Insurance Is Required
FHA mortgage rates are currently at very low levels. On an FHA Loan, you can close within 30 days. A pro to know about the FHA loan, is that the faster you close, the larger your FHA mortgage insurance premium refund is. You can get refinance rates today from NSH Mortgage in Florida. Contact NSH Mortgage today to discuss FHA Streamline Refinance Guidelines, and how you can start saving money today!
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FHA Streamline Refinance Guidelines With NSH Mortgage Lender in Florida
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