An FHA loan provides a government-insured loan with flexible loan options. Less strict credit requirements and qualifications make this loan the easiest loan for buying a home or refinancing. Save money with an easy and fast FHA loan, qualifying is simple!
How it Works/Payments
- 30-, 20- & Pay your mortgage at any time without prepayment penalties
- 30-, 25-, 20- and 15-year terms are all available with fixed rates
- 5-year adjustable-rate mortgage available
Loan Qualification Requirements
- Credit scores as low as 580 may qualify
- Refinance up to 97.75% of your primary home’s value
- Buy a home with as little as 3.5% down (primary home)
FHA Streamline Refinance
Are you looking for a FHA streamline refinance? Streamline refinancing an existing FHA-insured mortgage allows limited borrower credit documentation and underwriting. There are two different kinds of streamlines with FHA mortgages, which are credit qualifying and non-credit qualifying streamline refinance.
Key Requirements for a FHA Streamline
- The mortgage must already be an FHA insured loan.
- No Minimum credit score requirement
- The mortgage must be current.
- Loan cannot have any 30+ day lates in the past 6 months prior to the case # assignment.
- No more than one 30+ day late in the previous 12 months.
- Some liens can be subordinated – for example, deferred interest from a loan modification.
- Must meet a net tangible benefit.
Benefits of a Non-credit Qualifying Streamline Refinance
- Refund of escrow account.
- In the case of an escrow shortage, a new escrow account will be set up with the appropriate amount for taxes and insurance plus a 2 months cushion for any future increase in taxes and insurance.
- Defer up to two mortgage payments.
- Now includes manufactured homes.