FHA REFINANCE
An FHA Streamline is a great option if you’re looking to lower your monthly payment but have a credit score under 700.
WHY FHA MORTGAGE REFINANCE?
FHA Refinance For Lower Rate & Lower Monthly Payment
An FHA Streamline is a great option if you’re looking to lower your monthly payment. With this option you’re able to take advantage of the low interest rates offered like we’ve never seen them before. This option is great if you’re able to qualify and your credit score is under a 700. One of the best things we hear from clients we help with this option is the fact that no appraisal is required. It’s also easier to qualify compared to a conventional mortgage.
SAMPLE CALCULATION
CONVENTIONAL VS. FHA REFI
CONVENTIONAL
LOAN AMOUNT
%
SAMPLE INTEREST RATE
DOWN PAYMENT
30-YEAR COST
MONTHLY PAYMENT
FHA
LOAN AMOUNT
%
SAMPLE INTEREST RATE
DOWN PAYMENT
30-YEAR COST
MONTHLY PAYMENT
Pros of FHA Refi
- Easier qualifications
- Less if not any paperwork needed
- Appraisal waived
Cons of FHA Refi
- Must wait 210 days between each refinance
- Must have 12 months of on time, in full payments
- Must currently have an FHA insured property
- Must have mortgage insurance