FHA STREAMLINE
Taking advantage of a lower rates can be fast and easy!
WHY IS METRO MORTGAGE THE BEST CHOICE FOR YOUR FHA REFINANCE?
Because we have incredibly low FHA rates and fast turn times!
One of the best advantages of FHA mortgages is that they have a streamlined refinance option. A streamline FHA allows you to take advantage of today's rates, without all the hassle of a full document refinance. Streamlined Refinances have two options.
The first option is a no appraisal option. To do this option, your principal balance must stay the same, which is a good thing. Closing costs can't be rolled in. But right now, FHA rates are so low, we can often pay your closing costs, for a nominal bump in rate. The second option allows you to roll in your closing costs, but you must have an appraisal.
Happily, almost all FHA Streamlines we do are the first option! Our FHA rates are lower than most places, which gives us more room to cover your closing costs.
FHA Streamlines must give you a solid net tangible benefit, both by FHA guidelines and South Carolina law. If you are refinancing a fixed rate mortgage, your payment for principal, interest and mortgage insurance must me 5% lower than the current payment. Of you can refinance out of an adjustable rate mortgage, or even shorten your term!
In other words, if you are in line for an FHA Streamline Refinance, its hard to imagine why you wouldn't do it.
Click each label for more information.
IS A FHA STREAMLINE REFI YOUR BEST OPTION?
FHA Streamline Refinances are a good option for you if:
- You have an FHA Mortgage at a rate higher than current market rates.
- You got your FHA loan a year or two ago, and you want to take advantage of the new lower FHA MI.
FHA Streamline Refinances are can only be done on existing FHA refinances.
BASIC FHA STREAMLINE PARAMETERS
- Underwriting is relaxed, compared to Conventional Mortgages.
- You need a score of 640 or higher.
- You don't necessarily need an appraisal. Only if it works to your advantage.
- You do not need a lot of money to qualify. You only need to show you have the funds you need to close!
- In many cases, we can cover your closing costs!
FHA MORTGAGE INSURANCE
There is no sugar coating the fact that FHA monthly mortgage insurance has gotten very pricey in recent years. This is why we consider it an option for a first time home buyer, that than the go to option it used to be.
FHA charges MIP (mortgage insurance premium) two ways. When you close, you are charged 1.75% of the starting loan amount. This fee is rolled into your loan balance. The calculator at right is FHA specific, and will illustrate how this works.
FHA also charges a monthly premium. The factor determining how much you pay depends on the loan term, and the amount you have down. If you put at least 5% down, the factor decreases slightly on 30 year terms. But you pay it for the term of the loan, which is a serious negative consideration! 15 year terms have lower factors.
FHA MORTGAGE LOAN DOCUMENTS
We designed this calculator do give you a rough idea of what a FHA Streamline Refi looks like for you with today's rates. You can get our current published rates for FHA loans under "Rates". FHA mortgage pricing varies based on your credit score, and other factors. So if you are close to buying a new home, it's a good idea to contact us for a free rate quote. You will find a number of options for contacting us below. We love to hear from you!
(Everything you need to input is on your current mortgage statement.)
FHA Streamline Refinance Calculator
Next Steps.....
A calculator can only give you so much information, and mortgages are complicated!
You will find more options below. We are ready to get to work getting you the best mortgage possible!
We truly appreciate all the help and the kind words. Being first time home buyers, we were somewhat nervous but you truly gave us peace and made the ride a smooth one! Can’t thank you enough!
The Taylors
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