If you currently have an FHA home loan, and are looking to refinance due to today’s current mortgage rates, you are in luck. There is a refinance program called the FHA Streamline Refinance. This program is available to anyone with an FHA mortgage. The refinance program allows the homeowners to bypass all the delays such as income, employment verification, bank account and credit score verification, and the appraisal of the current home. This refinance with a low mortgage rate helps reduce the mortgage insurance premiums for homeowners through the FHA Streamline Refinance.
Refinance With A Low Mortgage Rate
An FHA Streamline Refinance is the quickest way for a FHA homeowner to refinance their current home with today’s current mortgage rates. By not requiring a home appraisal, it speeds up the process, and also allows the homeowner to use their purchase price, rather than what the home is worth in today’s pricing. This way, the FHA Streamline Refinance allows underwater mortgages to not feel the pressure of being under, but instead, gives them a second chance on making money on their home.
Florida Homeowners Benefiting From The FHA Streamline Refinance
Homeowners in Florida have benefited heavily from this program, especially going through the housing crash. Besides the no home appraisal necessary, the FHA loan behaves much like a normal mortgage product. It is available as an adjustable or fixed-rate mortgage, and comes in terms of 15 or 30 years. This is one of the best programs for current homeowners to refinance with a low mortgage rate.
FHA Streamline Refinance Explained
Here is a brief explanation of what the FHA Streamline Refinance Program can do for you: WATCH THIS VIDEO NOW
Get Eligible To Refinance With A Low Mortgage Rate
You will need to have perfect, 3-month payment history to be eligible for the FHA Streamline Refinance. The main goal of the program is to reduce overall risk of the fund. So in saying that, by having a no problem, 3 months of on-time payments, it is a small assurance that you will continue to do the same.
Next, you will need to have allowed 6 months, or 210 days to pass between closing of your FHA mortgage to then be allowed to refinance with a low mortgage rate.
Another main reason is that your refinance must have a purpose. An acceptable reason may be to reduce the principle, interest payment, and mortgage insurance by over 5-percent. The second acceptable reason is to change your current mortgage from an adjustable (ARM) to a fixed-rate loan. There are many acceptable reasons, and to find out one appropriate for you, contact NSH Mortgage to find out exactly how to get you your next FHA Streamline Refinance.
FHA Mortgage rates are currently low, and allowing buyers to close in less than 30 days. You should not rush to close, as this may raise your insurance premiums, but a quick close is always a bonus when receiving a low mortgage rate. Then, 210 days later, you may be eligible for a refinance with a low mortgage rate, such as the FHA Streamline Refinance.
If you are interested in an FHA mortgage, or refinancing your FHA loan, contact NSH Mortgage today. NSH Mortgage also specialized in other loans such as purchase, VA, conventional, commercial, and the list goes on and on.
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Refinance With A Low Mortgage Rate In Florida
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