FHA Streamline Refinance

Qualify for an FHA STREAMLINE Refinance

The FHA Streamline program is a mortgage refinance for people who have currently have an FHA insured mortgage.

It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance a streamline refinance program allows a borrower to refinance without having to verify their income and assets. In most cases, an appraisal is not required. One of the most advantageous aspects of this program is that it allows for an unlimited loan-to-value ratio. FHA Streamline refinances can help homeowners lower their monthly mortgage payments and interest rates.

What do you need to qualify for an FHA Streamline loan? First, you need an existing FHA mortgage, if you don't have an FHA loan we can help you explore other refinance options, options include, conventional refinancing, applying for a full FHA refinance loan, or possibly, a VA mortgage refinance.

FHA LoanFHA Streamline Qualifying

  • You must currently be living in the house you are refinancing.
  • You can’t have made more than two, 30-day late payments on your existing FHA mortgage in the past 12 months and must now be current on your monthly payments.
  • You must have owned the property for at least six months before you can qualify.
  • You have not completed as streamline refinance in the past six months.
  • FHA does not have a minimum credit score required for this type of refinance, but some mortgage lenders do have their own requirements. Generally, it’s best if you have a FICO score of 620 or above.
  • A mortgage insurance premium will be included in your loan amount. It is important to compare different loan programs, such as a conventional loan to see if there are better options for your situation.
  • You do not need to lower your interest rate much to benefit from a streamline loan. However, there must be a net tangible benefit in order to qualify.
  • Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current principal loan amount.
  • Closing costs must be paid by the mortgage broker, paid out of pocket, or arranged for through a "no-cost" FHA streamline loan, this will typically have slightly higher interest rates. You may also choose to include the closing costs into your loan a "with appraisal" FHA loan. In these cases, you must have enough equity in the home to cover the amount of the closing costs.

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As a mortgage broker in Utah, we work with several mortgage lenders, enabling us to offer you a variety of Utah mortgages and refinance home loans at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more home loan options to help you achieve your goals. Whether you're buying a home or refinancing, Advanced Funding is here to help. Our mortgage loan officers are available to help you during regular business hours or a time that is more suitable to your needs. Call today for more information, 801-272-0600.

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As one of the most trusted and respected mortgage companies in Utah, Advanced Funding Home Mortgage Loans offers a variety of purchase mortgage and refinance products. Our licensed mortgage brokers are both knowledgeable and experienced to ensure you a pleasant home loan experience at the best interest rates available. We combine the use of technology, impeccable service, a dynamic management team, along with a well-trained, and experienced staff to produce results, such as great mortgage rates, low fees, and most importantly, a fast and pleasant loan experience.

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6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

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