Fairfield Financial Services is an approved FHA lender.
FHA permits streamline refinances on current FHA insured mortgages with reduced paperwork, underwriting, and closing costs. The new mortgage can be processed with or without an appraisal and with or without a full credit report check.
Benefits of FHA Streamline Refinance:
- Quickly and easily decrease monthly mortgage payments or reduce loan terms.
- Appication to closing time is very quick (1-2 weeks)
- Appraisal normally not required.
- A full credit report is not pulled and typically only the mortgage to be refinanced is confirmed from the credit bureau.
- Out of pocket closing costs are reduced.
The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process. Tolerance of $250 cash back allowed at closing.
- Any subordinate financing may remain in place as long as it is subordinated on title.
Start your FHA Streamline Refinance now...
