📝 Do you have an FHA loan on a property right now? If so, don't miss this one.
📝 And, if you are thinking about using an FHA loan on your next purchase - you don't want to miss this either.
📝 In this video I break down how you can easily refinance your current FHA mortgage taking advantage of some of the lowest rates in US history, not needing to get (or pay for) a new appraisal, having no verification of a job, and essentially not needing 99.99% of any annoying supporting documents when you apply.
📝 ...wanna know more?
👉 Let's dig in to some basics to qualify:
✔️ It goes without saying that in order to do an FHA streamline refinance - you need to currently have an FHA mortgage.
✔️ At least 210 days have past from the closing date of your past mortgage to your new one (to be technical - 210 days from the closing of your past mortgage till we submit and get a new FHA case number at your loan application)
✔️ Have made at least 6 consecutive payments on your current mortgage
✔️ One mortgage late in the last 12 months is allowed - and, you must have been on time with mortgage payments for 3 consecutive months
✔️ There must be a net tangible benefit of at least 0.5% - simplified, let's say your current rate is 4.75%. Your new rate must be 4.25% or lower to meet this criteria.
(However, if you have an FHA mortgage from December 2014 or older - your MIP is at 1.35% - and now it is at 0.85% - so, you *really* should be doing a streamline refinance.)
👉 Let's dig into some awesome points to mention:
✔️ Employment verification is not required
✔️ Income verification is not required
✔️ Appraisals are not required (we use the value of your purchase or most recent appraisal).
👉 Let's dig into some common questions and answers:
✔️ Question: Can I do, or have done, the FHA streamline refinance more than once?
➡️ Answer: Yes, there's no maximum number of times you can do it, as long as you meet the criteria, previously mentioned.
✔️ Question: How can closing costs be paid?
➡️ Answer: We can either do a lender rebate to cover costs (known as a no cost loan), you can pay them out of pocket, or a combination of them both.
✔️ Question: Can I financed my closing costs into my loan?
➡️ Answer: No, you can do a no cost loan, pay costs out of pocket, or a combination of both. But, we can't put the closing costs into your loan amount itself.
✔️ Question: What if my income has dropped, lost a job, or work part time?
➡️ Answer: Employment and Income is not verified - so, while I feel your pain work wise - loan wise, you are fine.
✔️ Question: Does credit score really not matter?
➡️Answer: Technically you read everywhere where a credit score does not matter - that's not true. It does. The higher your credit score the lower your possible rate.
👉 Let's dig into some final great things to remember:
✔️ We can structure this where you can miss 2 mortgage payments (For instance - lets say you make February payment. We close March 15th. You did not make March 1 payment, and you skip April 1 payment, and new payment is May 1.)
✔️ You get refunded back, within about 20 days, what's in your current escrow impound account, from pre paying your property taxes, and home owners insurance, previously.
✔️ You do not need to pay for an appraisal (don't need one), there are no debt versus income ratio requirements (not verified), and potentially we can either greatly reduce your cash out of pocket for closing costs, or, limit them totally.
👉 Here's how to get started:
✔️ Fill out my online loan application at: http://www.ScottsLoanApp.com
✔️ Once done, I will pull a mortgage only credit report, which simply verifies your credit score, and that you have made your mortgage payments only.
✔️ From you document wise will need a copy of your drivers license, latest bank statement, latest mortgage statement, and a copy of your home owners insurance information - that's usually it!
👉 Here's more FHA streamline refinance videos below:
📝 What do you think?
📝 Feel free to leave any questions or comments below.
📝 Or, shoot me a text or call to (760) 297-4539
Your FHA Streamline Insider,