At Indigo Mortgage, we are here to
help you get the best possible interest rates by seeing if you qualify to
refinance with the FHA's Streamline program. You may ask, what is the FHA
Streamline? Simply put, it is an efficient Federal Housing Association program
that allows qualified home owners to easily refinance and get the assistance
they need. That’s important in a market that has seen so many homeowners
struggle.
The
Benefits of Streamlining
Here is one of the best benefits of
all -- you can skip, hop jump, or otherwise pass over two whole mortgage
payments! The rates are so low they are practically on the floor.
In addition, there is no appraisal.
Streamline users receive free credit towards any and all closing costs plus
there are no income requirements. We won't even look at your debt not to
mention there are no fees! Not for application, none upfront, none hidden where
you find them later on – simply no fees! Sounds great, right?
Do
You Qualify?
Well, do you!? Is your credit score
at least 620? Are you currently employed? Do you have a history of paying your
mortgage on time? If you answered yes to all of these questions, then you may
just qualify for the streamline program. That’s a relief, right? If you don’t
qualify based on one or more of these questions, contact us anyway and let’s
see how we can help you.
Now
for the Technical Stuff
In every mortgage loan process,
there are still technical things to address. A streamline refinance helps to
lower an FHA home owner’s monthly principle and interest payments on their
mortgage. The program will typically allow no cash back to the borrower except
in the case of minor and necessary adjustments at closing, but the amount is
not to exceed $500.
Another requirement is that, while
the lender may advertise and accept streamline applications anywhere in the
country, they must be approved by Direct Endorsement and a Homeownership Center
as well as be licensed to conduct business in the state of the property, if
required by the state.
As stated earlier, appraisals are
not required as part of the FHA Streamline Program, and the FHA also does not
require repairs to be made on the refinancing property except if there is lead
paint on the property that must be removed. However, the lender may legally
require a repair to be done on the property if it is stated in the loan.
We
Care
Indigo Mortgage is here to help, so if you have any more questions on the FHA
Streamline or would like to get things going with refinancing your property or
take advantage of any other service we offer, contact us at (505) 836-5700.
Also feel free to come on in and visit Albuquerque's friendliest and best
mortgage loan provider today.
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