FHA Streamline Saves You Money Long Term
If your home is financed with an FHA loan, you may be able to save money long-term with FHA Streamline refinancing. This refinancing solution is streamlined because it requires less credit documentation and underwriting than a traditional refinance. If you have an FHA loan, the mortgage professionals at AIM Financial can help guide you through FHA Streamline and other refinance options to help you find the best-suited mortgage for your needs. We serve clients in Middleville, Grand Rapids, Wyoming, Sparta, Caledonia, Kentwood, and surrounding Michigan. Contact us for a complimentary quote today.
FHA Streamline Refinance Basics
Like FHA loans, FHA Streamline refinanced mortgages are regulated through the Federal Housing Administration, a department of the U.S. Department of Housing and Urban Development. This type of loan is designed to lower a borrower’s monthly principal and interest payments on existing FHA mortgages.
FHA Streamline refinanced mortgages, like FHA loans, are fully funded through private lenders, though they are insured through the government. We offer variable- and fixed-rates and 5-30-year terms.
FHA Streamline Eligibility
You can apply for FHA Streamline even if you owe more on your home than its appraised value today. In many cases, you do not need to undergo a new home appraisal before getting approval; rather, your original FHA loan appraisal is used. This saves you time and money involved with the appraisal process.
To be eligible for an FHA Streamline refinance:
- You must have an existing FHA loan;
- You must not be delinquent in your existing FHA loan;
- We must determine that you will have a tangible net financial benefit from the refinance; that is, the refinance must save you money over time through better interest rates or terms;
- You cannot cash out more than $500 on your refinanced mortgage.
You must have made at least six payments on your existing FHA loan, six months must have passed since the first payment due date of the loan, and at least 210 days must have passed since the closing date on your FHA loan.
Explore Your Options and Save Money
Your FHA Streamline refinance can save you money in monthly premiums so you can keep more money in your pocket. At AIM Financial, our FHA-approved mortgage professionals are here to serve you. We will work arduously to ensure that we find you the best rate for your home. If your home is in Middleville, Grand Rapids, Wyoming, Sparta, Caledonia, Kentwood, or nearby Michigan neighborhoods, contact us for a complimentary consultation.