Learn About Your Florida FHA Mortgage Options
Lowering your Florida mortgage payments to send a child to college, consolidate higher interest debt or taking a much needed vacation, or making those long awaited Florida home improvements are some of the ways Florida homeowners taping into their hard earned equity that they have accumulated in their Florida home to help with these expenses. Keep in mind that FHA streamline mortgage refinancing is only available to Florida homeowners who are currently using their Florida FHA mortgage as their principal residence.
FHA STREAMLINE MORTGAGE REFINANCE: Florida FHA streamline mortgage refinancing is perfect for Florida homeowners who currently have an FHA mortgage and want to reduce their interest rate thus lowering payments. With an FHA streamline mortgage refinance, Florida homeowners can FHA refinance their Florida mortgage payments with no credit check and no appraisal. The only Florida FHA streamline refinancing condition is that the homeowner has to be current on the Florida FHA mortgage. Your Florida mortgage payments must be current to qualify for an FHA streamline refinance.
Florida FHA streamline - Florida-Mortgage-Lenders.com - Checklist
|Florida FHA Steamline Refinance Mortgage Checklist|
|**1003 with employment info but no income listed|
|**Four disclosures: 92900A, Important Notice to Homebuyer, Informed Consumer Choice, Notice to Homeowner (Assumption)|
|**Intent to Proceed disclosure|
|**Anti-Steering/Loan Options disclosure (if lender paid compensation)|
|**Loan Estimate and SSPL|
|Credit report (must have at least scores and mortgage history but full report is also allowed)|
|Credit supplement to verify mortgage history on subject property is current|
|SSA-89 form to validate SSN|
|Copy of existing mortgage note|
|Payoff Demand through funding date|
|Mortgage Statement to verify current monthly MIP|
|Signed affidavit from borrower to confirm property was not listed for sale at the time of app|
|1 month bank statement to verify required cash to close|
|Current utility bill to verify occupancy|
|Prelim title w/24 month chain of title|
|CPL with mortgagee clause:|
|Wire instructions, Pre-CD, E&O, tax cert|
|HOI dec page with mortgagee clause:|
|FHA Case Number Assignment w/Netting Authorization (We pull)|
|Reminder that case number cannot be ordered until:|
|-- borrower has made at least 6 payments on current FHA loan|
|-- 6 full months have passed since first payment due date on current FHA loan|
|Also, keep in mind the first payment due date must be at least 210 days after first payment due date of the existing loan|
FHA REFINANCE FLORIDA: FHA STREAMLINED REFINANCING A FLORIDA MORTGAGE
FHA streamline refinancing is an option considered because it allows Florida homeowners reduce the interest rate on your current Florida home loan quickly and oftentimes without an FHA appraisal. The FHA Streamline refinance also cuts down on the amount of paperwork that must be completed by your Florida FHA mortgage lender saving you valuable time and money.
In order to qualify for an FHA streamline refinance your original Florida FHA mortgage loan must be in good standing and the FHA mortgage refinance must lower your current monthly interest payments. This type of FHA mortgage refinancing option reduces your monthly expenses by lowering your payments but with a streamline refinance there is no option to receive cash back. An FHA streamline refinance works well for Florida homeowners who are in good financial standing with no significant debt because it allows you to free up extra money each month that can be put to good use elsewhere.
If you have a conventional Florida mortgage you wish to refinance with an FHA refinance loan, you'll need to apply with the FHA mortgage application and include the usual employment verification, credit check, debt ratio requirements and other documentation. An FHA refinance loan can get you many of the same results, and you may get better rates and lower Florida mortgage payments.