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FHA Streamline Refinance Program

FHA Streamline Refinance Program is a special refinance program designed for homeowners in California with a Federal Housing Administration (FHA) Loan. This program gives the FHA Borrowers the opportunity to lower their interest rates and monthly payments.

How can you qualify for a Refinancing Program?

  • The mortgage must be FHA insured
  • Mortgage payments must be current
  • Your new loan must lower your monthly principal and interest payments, or be converting from an adjustable rate (ARM) to a fixed-rate
  • The home must be your primary residence
  • Your current loan must be at least seven months old

Key Benefits of FHA Streamline Refinance:

  • An appraisal is no longer needed
  • Less documentation
  • Minimum credit scores are no longer required
  • Skip one mortgage payment
  • Lender fees reduced

Refinance your Mortgage today! Fill out Loans Realty Group’s Refinance Loan Application form now!

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FHA Home Loans

What is an FHA Loan?

The FHA Loan is a Residential Home Loan insured by the Federal Housing Administration. The goal of an FHA loan is to give people, who don’t qualify for a non-FHA-backed mortgage, a chance at homeownership. FHA loans are aimed towards first-time home buyers and you can get an FHA loan with a lower credit score than you could have for a conventional mortgage.

It is one of the easiest and least demanding type of home loan to qualify for because it only requires a low down payment. Applicants must have a minimum credit score of 580+ for financing with a 3.5% down payment. However, borrowers must pay mortgage insurance premiums, which protects the lender if a borrower defaults.

What home buyers need to qualify:

  • Buyers must pay a minimum down payment of 3.5%
  • Minimum credit score of 580 or higher
  • Must have a steady employment history
  • The debt-to-income ratio of 31% to 43%
  • Must undergo a home appraisal
  • Buyers must provide needed documents (paycheck stubs, tax returns, etc.)

For buyers, refinancing their home loan could help them save bundles. If your credit score does not meet the minimum, it is best to improve your credit score first before you apply or work with a loan officer. Contact Loans Realty Group today to learn more!

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