FHA Streamline Refinance
The FHA Streamline Refinance allows FHA borrowers to take advantage of all time low FHA streamline rates. The Streamline Refinance was developed by the Department of Housing and Urban Development (HUD) and has been around since the early 1980’s. This program is strictly regulated by HUD, and can only be performed by certain FHA approved lenders.
The main purpose of the FHA streamline refinance is to lower your mortgage payments. You are entitled to lower your payment every time interest rates drop. You also may be eligible to shorten the term of your mortgage. Since Oceanside Mortgage is a direct lender, we are able to offer some of the lowest FHA streamline rates. On average, our rates are between 0.375% and 0.750% lower then our competition. Even if you just closed on your current mortgage, a lower rate may still be available.
Who qualifies for a Streamline Refinance
The Streamline Refinance is a special entitlement program offered by the FHA. As long as you currently have an FHA loan, have paid on time for the last 12 months, are employed, and have at least a 620 credit score, you should qualify for an FHA streamline refinance. The streamline has been dubbed as “the world’s easiest refinance“. We will not re-check your income, you do not have to prove your credit worthiness, and a new appraisal is not required.
Credit: We require at least a 620 credit score for the streamline refinance. We will not re-evaluate your credit report.
Income: We do not require that you prove how much you make currently. We only require that you are employed, retired or have some other steady form of current income.
Assets: In most instances, we will only need you to be able to prove you have enough funds in your account to pay your next mortgage payment. We do not require that you have any reserves
Property: Most single family, condos, planned urban developments (PUD), townhouses, and even manufactured homes qualify for the streamline refinance.
Mortgage History: We require that all of your mortgage payments in the last 12 months have been paid on time. It is okay if you paid your payments after the 1st of the month, as long as they were not 30 or more days late.
Why Choose Oceanside for your Streamline Refinance
We have been doing streamline refinances since their inception. We have refined the process in order to maximize the benefit to you. There are several distinct advantages that Oceanside Mortgage can offer you.
- We offer a no closing cost option. This minimizes the amount of money added to your loan
- We do not require an appraisal. It is ok if your property value has decreased
- You are allowed to skip your next mortgage payment. This payment will be financed into your loan
- We can transfer your escrow account to your new loan.
- We do not charge any ‘junk’ fees. You do not need to pay an appraisal fee, a credit report fee, or an application fee
- We are a direct lender. We eliminate all ‘middle-man’ fees. Loan decisions are made in house
How Do I Get Started?
Please contact a loan specialist immediately to get the process started. We can provide you with a no-cost, no-obligation, loan benefit worksheet showing you exactly how much you can save! There are 3 ways to do this:
- Call us toll free at 800-955-8965
- Fill out our contact form
- Chat live with a loan officer now
There are a few documents we need you to collect to process your loan. Do not worry if you cannot locate all of the documents, we should be able to help you. We will need:
- Drivers License
- Social Security Card, W-2, or 1099
- Mortgage Note
- Recent Mortgage Statement
- 2 Month’s recent Bank Statements
- Homeowners Insurance Declaration Page or Agent’s contact info