Have You Heard The Great News About Tallahassee FHA Streamline Refinance?
You see, the FHA has found itself in a bad position, and perhaps it feels that best way to protect itself is to to do a little more of "what got us here in the first place."
So what the heck is this all about and who could need or want a Tallahassee FHA streamline refinance?
Defining Tallahassee FHA Streamline Refinance
A Tallahassee FHA streamline refinance is simply a way for people who have FHA loans to lower their interest rate and payment amounts.
The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. 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 (no late payments going back 12 months).
- 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.
And the good news only gets better!
There are no credit checks, no property appraisals, no income verifications, etc. If you have a house with an FHA loan, you qualify!
So, in a nutshell, you should contact a Tallahassee FHA streamline refinance mortgage lender to see how much they can lower your payments on your home because ....
You Already Qualify!
Why FHA Wants You To Do A Tallahassee FHA Streamline Refinance
FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. So if you already have an FHA loan ...
The the FHA has already guaranteed a lender that you will repay the loan.
It's in their best interest to make it easier for you to do so!
So even if you own 100% more on the home than it is worth (with an FHA loan), and you've lost your job, and your credit score is 500, ... you still qualify. Why?
Because the FHA has already guaranteed your loan amount, that's why. They can reduce their risk if they can make it easier for you to repay the loan
How To Start A Tallahassee FHA Streamline Refinance
With today's historic low interest rates, the time is right for FHA financed homeowners to consider this as a long-term option for owning the home.
That means you should immediately talk to a trusted Tallahassee mortgage broker to do a Tallahassee FHA streamline refinance and see how much savings you can gain.