One of the benefits of the FHA loan program is that when interest rates dip, you can easily take advantage of lower interest rates without having to completely re-qualify for a new loan.
If you are currently in an FHA loan and your interest rate is over 6%, it currently makes financial sense to speak with your mortgage professional about the FHA Streamline program.
The FHA Streamline program is one of the few loan programs that are available where you can refinance and get a lower the interest rate on your home and:
- No appraisal is required
- No income documentation is needed
- No asset documentation is needed
The main requirements for the FHA Streamline program are that (1.) you have a good “mortgage rating” — meaning that you have made your monthly payments on time and (2.) that if you participate in the Streamline program, it will put you in a better financial situation (read: lower your interest rate).
When speaking with your mortgage professional, ask them about the FHA Streamline With No Appraisal program and what it takes to qualify for it.
You may be surprised at how easy it is to lower your interest rate and save money each month on your mortgage payment.