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Your Texas Mortgage Rates

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10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us

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FHA STREAMLINE REFINANCE

 

 

The FHA streamline refinance refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a FHA streamline refinance are:

  • Borrower's original loan must already be an FHA insured loan.
  • The refinance must lower the principal and interest payments of the previous mortgage payment.
  • The mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. Borrower must have had the FHA mortgage for 6 months.
  • Borrower cannot receive any cash back.
  • No income or employment verification - No pay stubs or W-2 forms - No termite report.
  • Appraisal only required if rolling in the closing costs. Streamlines without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium, plus the new upfront PMI if it is to be financed in the mortgage.
  • Any other liens must be subordinated to the FHA loan.
  • Borrower must be up-to-date on any federal debts.

 

Lenders may offer FHA streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either be paid in cash or through the premium rate as described above. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.


 


If you have an FHA loan, there is still time to refinance. We have rock-bottom interest rates and our FHA Streamline Refinance process is so SIMPLE!

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

 

Why FHA Streamline refinance loans?

  • Minimal paperwork and hassle.
  • No Out-of-Pocket Cost Interest Rate Reduction programs.
  • Easy credit and income qualifications.
  • No Origination Fee and no points options available
  • It is simple to shorten or lengthen the term of your existing loan.

 

We offer Other Loans too:

  • FHA Home Loans
  • FHA Cash-Out Refinances
  • Conventional Loans
  • Debt Consolidation Loans
  • Home Equity Loans

 

 
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OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683 EMAIL: info@brown-lending.com


 

"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."

 

 

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