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Brian Collins brian.collins@ameristarmadison.com Toll free: 877-240-5840 x29

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FHA Streamline Refinance in Wisconsin and Illinois

Posted by Brian Collins on Dec 20, 2008


FHA Streamline Refinance is a rate reduction Loan program for Wisconsin and Illinois FHA mortgage borrowers. The streamline FHA program refers to the lesser amount of documentation and underwriting in the process. With a FHA Streamline Refinance loan you do not need an appraisal, a credit check, income verification or employee verification

In order to do an FHA streamline refinance your original loan must be an FHA loan. The principal and interest rate payments of the previous mortgage payment must be lowered by the FHA refinance. You must have had the mortgage for at least six months. Appraisals are generally not required. FHA streamline refinance is a rate reduction loan program for FHA mortgage borrowers.

Keep in mind that FHA refinancing options are only available to homeowners who are currently using their home as their principal residence. FHA streamline refinancing is perfect for individuals who purchased a house or condo with an FHA loan and want to reduce their rate and payments. There is no credit check with an FHA streamline refinance the only condition is that you have not made a late payment on your current FHA mortgage within the past year.

Here is a list of some of the requirements necessary to do a streamline FHA refinance.

1. You must hold an FHA insured mortgage on your primary residence.
2. No cash may be taken out of the refinance.
3. Your existing FHA mortgage should be current. No late payments within the past year.
4. The refinance must result in lowering your monthly principal and interest payments.
5. An appraisal is not needed if your new loan amount does not exceed your original FHA loan amount.
6. No credit check
7. No income verification
8. No asset verification

Visit our FHA Streamline Refinance Mortgage page for additional Wisconsin and Illinois FHA streamline refinance program requirements.

Ameristar Mortgage is your local Wisconsin and Illinois Mortgage Banker:Brian Collins
Toll Free: (877) 240-5840 x29

Visit my blog at http://www.ameristarmadison.com/blogs_brian_collins/

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