We can help you refinance your home with an FHA loan, even if you have less than perfect credit. FHA Streamline Refinance Loans traditionally require less documentation than a traditional loan and do not require an appraisal. Many homeowners who have difficulty paying their mortgage move from a conventional mortgage to an FHA Streamline Refinance Loan, which may lower your interest rate and monthly payments.
Types of FHA Streamline Loans:
- FHA Streamline 30 Year Fixed Rate Refinance Loan: Designed to either lower your payment by lowering your current interest rate or converting an FHA Adjustable Rate Mortgage into a Fixed Rate mortgage. The FHA Streamline refinance loans require less documentation than a traditional loan, and there is no appraisal required. This loan is easy to apply for and may not require qualifying debt ratios or income verification.
- FHA 203(k) Streamline 30 Year Fixed Rate Refinance Loan: The FHA 203(k) allows borrowers to pull out up to $35,000 in equity to pay for home improvements or renovations.
- FHA Streamline 5/1 Adjustable Rate Refinance Mortgage: The FHA 5/1 ARM establishes the low initial interest rate for the first five years; after that, your interest rates will fluctuate depending on market interest rates. Adjustable Rate Mortgages typically have the lowest rates and may be useful if you plan on selling your home quickly.
Other uses for an FHA Streamline Refinance Loan include:
- Improving or upgrading your home
- Avoiding foreclosure
- Borrowing cash from your home’s equity