What is a redding FHA Streamline Refinance?
The FHA Streamline Refinance is an amazing Government Loan that is available for current FHA Home Owners that currently have an FHA Home Loan. Home Owners that qualify can refinance and reduce their interest rate with little to no closing costs and with out having to get an appraisal.
Benefits of the FHA Streamline Refinance
- No Appraisal Required
- Lower Your Interest Rate & Payment
- No Lender Fees
- Borrower Gets a refund from their previous Mortgage Insurance Premium
- Reduce Your Monthly Payment
- Less Documentation Required
- No pre-payment penalties
"Pete was outstanding in getting our loan. He knew exactly what we could and could not do. If there is any way that he can help you to get your loan, he will do so."
-Mr. Hendrix
Requirements of the FHA Streamline Refinance
- The borrower must have made at least 6 months payments on their Mortgage
- No more that 1 Mortgage Late in the last 12 months of having the mortgage
- Still employed and be able to qualify for the new Monthly Payment
- Save at least 5% of the Monthly Payment (Principle & Interest Payment + Mortgage Insurance Payment)
- Have a credit score of at least a 640 or above
Did you receive their Mortgage Prior to May of 2009?
Borrowers that received their FHA loan prior to May of 2009 may qualify for the FHA HUD BILL that was passed by president Obama. This bill allows FHA home owners to refinance at a lower interest rate and keep their Monthly Mortgage Insurance at the same rate they currently pay. The financed Mortgage Insurance is reduced to .01% of the loan amount. This allows for a significant amount of monthly savings for FHA home owners.
Megastar Financial is a Redding Ca FHA Streamline Direct lender that is licensed in all of California. If you would like to get started on your FHA Streamline or would like more information you can also give us a call anytime.
We'd be more than happy to watch your rate for you.
Would you like Pete to watch your Interest Rate for you? Give us some basic information on your loan and Pete will contact you when he can lower your interest rate and lower your monthly payment.
Related Blog Posts
More information on our types of refinancing loans:
USDA Refinancing
VA Refinancing
Conventional Refinance
If you have an FHA loan and you meet the below requirements, you may qualify to do what is called an FHA Streamline. The FHA Streamline is a great loan to apply for because it can...