Delaware FHA Streamline Refinance
Delaware FHA Streamline Refinance – What is it?
Delaware FHA Streamline Refinance loan is a unique refinance loan program for people who currently have an existing FHA loan that want to lower their monthly payment and mortgage interest rate. The Streamline refinance has very limited documentation requirements such as no appraisal is required and no income verification is required to qualify for the loan. The refinance will payoff your current FHA loan and replace it with a new FHA loan at the lower interest rate and lower monthly payment. Call 302-703-0727 to apply now or to get more information. APPLY ONLINE
Delaware FHA Streamline Refinance – What is the catch?
A question that comes up a lot with a FHA Streamline refinance is “What is the catch?”. The simple answer is “There is NO Catch!”. The streamline refinance is just one of the many benefits of someone that finances the purchase or refinance of their home with an FHA Loan. The streamline refinance has very few qualification factors and is designed by HUD to be a very simple and easy way for borrower’s with FHA loans to take advantage of getting a lower interest rate when the market changes. This is limited documentation loan which is why it is called a streamline refinance. Below are the major benefits of reduced documentation:
- No Appraisal required
- No Income Verification
- No Bank Account Verification
- No Verification of Funds to close if less than current mortgage payment
Delaware FHA Streamline Refinance – What are the qualifications?
In order to qualify for a DE FHA Streamline refinance to lower your interest rate and your monthly payment you must meet the following loan guidelines:
- Currently have an existing FHA mortgage loan on the property you want to refinance
- Be paid up to date on your current FHA Loan
- Have a credit check with a minimum Credit Score of 580
- Have no more than one 30 day late payment in the last 12 months on your FHA loan
- Be Currently employed, or receiving social security disability, or a pension or retirement pay
What are the benefits of a FHA Streamline Refinance?
The FHA Streamline Refinance allows you to refinance to take advantage of a lower mortgage interest rate and/or a lower monthly mortgage insurance. You can also roll up to two mortgage payments into the new loan. For example if you are closing November 23rd on your streamline refinance, you could skip November 1st payment and December 1st payment and not have a new mortgage payment until January 1st of the new FHA loan.
Take advantage of the FHA Streamline refinance today by speaking to one of our certified FHA Streamline Specialist by calling 302-703-0727 or APPLY ONLINE today.
What Documents Do You Need to Provide Your Lender on FHA Streamline:
If you are doing a Non-Credit Qualifying FHA Streamline Refinance without an appraisal you will need to provide your lender with the following documents for the refinance loan to be processed and underwritten by your underwriter:
- Most Recent Mortgage Statement
- Copy of Photo ID
- Recent Utility Bill with Your Name on It to Prove you still live at the address
- Proof of Current Balance in Escrow Account (If Lender is providing an Escrow Advance at Closing)
- Name, Address, & Phone Number of Current Employer (Lender Must Verify Currently Employed)
Delaware FHA Streamline Refinance