FHA Streamline Refinance Program Helps Colorado Homeowners even if they are Upside Down on Their Mortgage or have less than perfect credit
Struggling Colorado Homeowners now have real help available through the new FHA streamline refinance program.
The Colorado Mortgage Team is now offering a newly revamped FHA streamline refinance program aimed at enabling even the deepest underwater or upside down homeowners to reduce their payments and enjoy current record low mortgage rates.
The newly released FHA streamline mortgage no longer requires a home appraisal and offers superior savings in addition to many benefits, which Colorado homeowners may not even know exist.
Until the release of the FHA Streamline Refinance program, Colorado borrowers with FHA home loans have had limited opportunities to receive mortgage assistance.
In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:
Lower Mortgage Insurance (Recently reduced by .5%)
No appraisals required
‘No-cost’ refinancing possible
Lower credit scores OK
No loan balance increase to cover loan costs
Can refinance even if ‘underwater’ or ‘upside down’
The Federal Housing Administration (FHA) who insures these home loans actually has no minimum credit score requirement and requires no income verification, although each individual mortgage lender may have their own underwriting guidelines requiring a minimum credit score and additional income verification.
Still, what is really different about the new streamline program is the reduction of mortgage interest for those whose original loans were endorsed on or before January 26th, 2015. This is when the .5% mortgage insurance drop took effect. That coupled with near record low interest rates could mean substantial savings for you.