If you’ve been following the mortgage “buzz” lately, you might be hearing a lot about a “streamline refinance.” And if you’re an FHA loan-holder, this should definitely make your ears perk up a little bit! Keep reading to learn more….
If you have an FHA loan, you might be applicable for a streamline refinance. This means that you can refinance your current FHA loan with a very simple process. Unlike the standard refis or even loan application process, streamlining your FHA loan means:
- You do NOT need an appraisal on your home
- You do NOT need to verify your income or employment
- Your credit score will NOT be pulled
And if you’re like many other homeowners in America right now, this is probably sounding very appealing by now!
FHA Streamline Refinance Changes Coming in June 2012
The better news is that not only does an FHA streamline refinance make things easy, but changes are coming to save you even more money effective June 2012! Someone in Washington must have recognized the need for more FHA loan holders to refinance because changes are a’coming. Big changes that will make this process even easier for and save you thousands. Read our post here for specifics on the FHA program fee changes in 2012. But for a brief overview:
- PMI payments can go down.
- Up-front costs will be dropping to very, very minimal fees
- You must have an existing FHA loan originated on or before May 29, 2009
As a local lender in Kansas City, I love to see programs rolled out like this. It’s helping many struggling to afford their mortgages (or looking for a break on their payments) to easily apply and take advantage of lower interest rates right now.
Please call me if you’re in the Kansas City area and my team and I will walk you through the FHA streamline refinance process!