If you currently have an FHA Mortgage, we might want to peak and see if you’re eligible for an FHA Streamline Refinance. This is a great program, that differs GREATLY from other mortgage programs! Under the updated FHA guidelines, you can refinance to lower payments with No Income Verification, No Appraisal… it’s pretty simple!
The FHA Streamline Refinance program is only available to folks who currently have an FHA home loan mortgage. Even if you are not currently occupying the property, we MIGHT be able to do a Streamline refinance! This is not a program designed for those who want to take equity out of their home, only for those who currently have an FHA mortgage on their home, and want a lower mortgage rate! It’s one of the easiest, fastest ways to get your payments down!
One of the biggest differences between the FHA Streamline Refinance, and a VA Streamline Refinance (or a USDA Refinance for that matter) is that the program does not require an updated home appraisal.
FHA will allow you to use your original purchase price as your home’s current value, regardless of what your home is actually worth today.
FHA is really just interested in helping folks who are current on their mortgage, to get a lower payment. Having said that, there are Banks out there, that don’t want to take on a new mortgage where the property might not be valued as much as the loan is for! Because of that, many lenders can not offer the program the way FHA intends for it to be used!
We DO offer this program without any appraisal!
Fortunately, in North Carolina, we don’t have as big a problem with appraisal values as they have in other parts of the country like, Atlanta, Las Vegas, Florida, and Arizona.
The Streamline/No Appraisal program offers the same low interest rates that other FHA mortgage programs have! There are a few other Qualifications / Guidelines for the Streamline you need to know about. You must be current on your mortgage, for instance, and you can not roll in closing costs to the balance of the loan – but there are some ways to still make the program work so that you are not shelling out $3,000 just to get a lower rate!
We’ll be glad to help you learn more about the “PMI” rates for FHA, or about other refinance programs, just give us a Call! Steve and Eleanor Thorne 919-649-5058. We’ve saved some families this year over $320 a month! That’s a RAISE, or a Car Payment! So, call us, and let’s see if it makes sense for you to refinance! We offer today’s best rates!