What is “FHA Streamline”?
Trying to navigate the world of home mortgages is difficult enough but what if you want to refinance or take out a loan based on the equity you have in your home? If you have an FHA loan, and are looking to refinance, then luck – and simplicity – are on your side. The FHA has a program for people participating in the FHA home loan program called the FHA Streamline.
FHA Streamline Program Details
An FHA Streamline is a program offered to help home buyers refinance their home loans. To be eligible for the Streamline, you must have an FHA home loan and you have to be in good standing, which means you cannot have late payments for twelve months and you cannot be currently behind on your mortgage payments.
Note: If you do not have an FHA loan, you can still refinance with the FHA, but you will need to apply and meet the requirements of a credit qualifying FHA loan, but you should be able to save the money you need with these loans.
The Streamline program does not offer any kind of cash out, so if you are looking for more cash in hand, then you may want to opt for the FHA Cash Out program, which pays off your current mortgage and gives you cash back.
Questions? Contact Paramount Equity today.
The Paramount Pledge™ – Triple Protection
The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.
No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.