Refinancing with the FHA “Streamline Refinance” Program

A Streamline Refinance is a mortgage product for those with existing FHA mortgages.  If you have a conventional mortgage via Fannie Mae/Freddie Mac, you cannot use this program.  The FHA Streamline Refinance program is the fastest and simplest way to refinance your mortgage.

The program does not require an appraisal.  Instead, you can use your ORIGINAL purchase price as the current value.  You can use the purchase price regardless of what your house is actually worth today.

This means that the program does not care if you are “underwater” or “upside down” on your mortgage.  The program actually encourages it.

And what about credit requirements under the program?  They are making it very easy.  Check this out:

– Employment verification is not required with an FHA Streamline Refinance

– Income verification is not required with an FHA Streamline Refinance

– Credit score verification is not required with an FHA Streamline Refinance

This means that you can be out of work, without income, with a terrible credit score, and with no equity in your house, and still qualify for the FHA Streamline Refinance program.

You can read more about the program in this article here.

Sometimes we at Brighter Day Homes are able to come up with solutions that save your credit and your house from foreclosure.  Oftentimes, these solutions can be helped by refinancing the existing mortgage on the house.

To learn more about this strategy and the other ways that we buy houses, call us today at 205-390-1050 or visit us at www.WeBuyBham.com.

 

 

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