FHA Streamline 203K Home Loan
The FHA offers streamline refinances on insured mortgages. The term "streamline" refers to the amount of documentation required. The basic requirements of a streamline refinance are:
- The mortgage to be refinanced must already be an FHA mortgage.
- The mortgage to be refinanced should be current (not delinquent).
- There finance is to result in a lowering of the borrower's monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.
The Benefits of a FHA Streamline Refinance
- Appraisal usually not required
- Very little paperwork
- No credit check, income verification, employee verification, or underwriting fees
- Easily increase or decrease the length of the term of your existing loan
- Take advantage of current low interest rates
- Little or no out-of-pocket costs
Open a door.....to your future! Whether you need financing for a home purchase, refinance, rehabilitation loan or equity take our, our socially responsible lending policy means you can always count on AmericaHomeKey, Inc. for the most reasonable lending terms and rates available. LOCAL PEOPLE, LOCAL DECISIONS