FHA Streamline Refinance
What is a FHA Streamline Refinance Loan
An FHA mortgage is backed by the Federal Government and was designed to promote home ownership in America for everyone, even those who are first time buyers, have less than perfect credit, have low income or a limited amount of money for a down payment. An FHA mortgage makes the American dream of home ownership a reality for millions of Americans.
Who is eligible for this loan?
Eligibility requirements for an FHA mortgage are pretty flexible. They include:
- Current loan must be an FHA mortgage
- Minimum credit scores as low as 580
- Current on existing mortgage payments
- US Citizen or legal resident alien
What are the benefits of this loan?
- Reduced documentation requirements
- No Income documentation
- No appraisal
- Reduced Credit score and credit history requirements
- Lower interest rates than Conventional loans