FHA offers two different refinance options:
Streamline without appraisal: The primary benefit is your loan amount will not be greater than your current loan amount. The purpose of this loan is strictly to lower either the interest rate or term, or both, of your current FHA loan. In order to provide a tangible net benefit the requirement is $50 per month reduction of payment.
You are not required to provide the normal income and asset documentation as neither your income nor your assets are required for approval. You do have a minimum qualifying credit score requirement of 640.
Late mortgage payments are allowed, provided they do not exceed one thirty day late in the past 12 months and the most recent three months payment history is current. A letter of explanation will be required for any late payments.
Depending on the time of year you may or may not be required to bring funds to closing. All prepaid items including interest, hazard insurance and property tax escrows are the borrowers’ responsibility. In some cases your current lender may allow your escrow account to be applied to establishing your new escrow account. Each lender is different, and we always ask!
Our goal is to place you in the most advantageous mortgage to assist you in meeting your current financial goals.
Call Eva Sleeper today to discuss your new, lower mortgage payment possibilities.
678.772.8221 (cell)
Streamline with appraisal: Many homeowners may qualify for a HUD Insured mortgage refinance. An appraisal is required to establish property value. Based on the value of your home your loan will be structured in a manner which will lower your rate, change the term of your loan or take you from an adjustable rate mortgage to a fixed rate mortgage.
As with all loans you will be required to qualify for the loan based on your income and credit score. A minimum credit score of 640 is required.
Please refer to the list of documentation required for each refinance.
Call Eva Sleeper today to discuss your new, lower mortgage payment possibilities.
678.772.8221 (cell)
In order to smoothly process your mortgage application the following documents are needed:
STREAMLINE WITHOUT APPRAISAL FHA REFINANCE:
1 Government Issued Photo I.D. and Social Security Card (please enlarge)
Settlement Statement from purchase or refinance
Recorded Warranty Deed
Note
Mortgage statement
Insurance Declarations Page
Current Tax Statement
ONLY IF YOU ARE REQUIRED TO BRING CASH TO CLOSING:
Asset Accounts: most recent 2 months
- Checking – all pages (front and back even if back is blank if it says page 2 of ..)
- Savings – all pages
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Conventional Loan 