Streamline Your FHA Mortgage

FHA has permitted streamline refinances on FHA insured mortgages since the early 1980's. The term  "streamline" refers to the reduced amount of documentation and underwriting  needed to qualify.  The purpose of an FHA Streamline loan is to help existing homeowners who have FHA loans, secure their homes by lowering their interest rates and payments long term! 

Basic Terms of an FHA Streamline Include: 

• The maximum cash out is $500.00
• An FHA Refinance offers very competitive interest rates
• The current mortgage to be refinanced should not be delinquent
• The subject property must be the borrower's primary residence
• The current mortgage to be refinanced must already be FHA loan
• The subject property must be the borrower's primary residence
• A borrower cannot refinance from a 15 year loan to a 30 year loan
• The refinance must result in reducing principal and interest payments
• FHA loans do not have a prepayment penalty and are fully assumable
• Lines of Credit and Second Trust Deeds must be willing to subordinate
• FHA guidelines tend to be more lenient when compared to conventional financing
• Closing cost may be included in the loan dependent on the type of streamline loan desired
• New mortgage cannot exceed 30 years and cannot have less than 12 years remaining

If you currently have an existing FHA loan and would like to receive additional information, contact INMAN MORTGAGE GROUP today as we look forward to exceeding your expectations and providing you the personal and professional services needed to make informed decisions!  Call us today and receive a FREE No-Obligation Consultation and "Formal Pre-Approval."