Welcome to Your Path to Financial Freedom with FHA Refinancing!

At The Colorado Mortgage Team, we understand the importance of making your homeownership journey as seamless and cost-effective as possible. That's why we're excited to offer either a full doc FHA Refinance or the hassle-free FHA Streamline Refinance program.

Unlock the Benefits of FHA Refinancing:

1. Lower Your Monthly Payments:

Are you looking to reduce your monthly mortgage payments? FHA Refinancing might be the solution. Our expert team will guide you through the process of exploring lower interest rates, potentially leading to significant savings.

2. Simplify Your Finances with FHA Streamline Refinance:

If you currently have an FHA loan, our FHA Streamline Refinance program is designed with simplicity in mind. With minimal documentation and streamlined processing, you can quickly take advantage of lower interest rates without the usual hassle.

3. Access Cash for Home Improvements:

Your home is an investment, and FHA Refinancing can provide a way to access the equity you've built up. Use the funds for essential home improvements, increasing your property's value and enhancing your living space.

4. Strengthen Your Financial Health:

Consolidating high-interest debt? FHA Refinancing can help you streamline your debts into a single, more manageable mortgage, potentially saving you money and simplifying your financial life.

Refinancing Your Colorado FHA Loan
Just Got a Lot Easier & Cheaper!

Changes to the FHA streamline program for Colorado homeowners have made it far more attractive and simple to reduce interest rates and lower payments, even if you owe more than your home is worth…

What is the FHA Streamline Program?

FHA Streamline refinances enable Colorado homeowners to refinance their current FHA home loans with reduced paperwork and underwriting to take advantage of lower interest rates so that borrowers can save more money, lower their monthly housing payments and in some cases change from an adjustable rate mortgage to a fixed rate mortgage loan or even shorten the term of their loans.

This means less hassle, less paper, faster processing and potentially huge savings over the life of your loan.

There are many advantages for Colorado property owners, including the availability of ‘no-cost’ refinances and even those who didn’t qualify before might qualify now.

What Are the New Changes That Make FHA Streamline Loans Even Better?

These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing.

At least until now…

In an effort to assist more Colorado homeowners with FHA mortgages to refinance at today’s interest rates FHA mortgage insurance rates were reduced, effective February 22nd 2023.

This new change alone means thousands of dollars in savings for most borrowers.

Additional guidelines for FHA streamline refinances state that:

  • NO employment verification is required*
  • NO income verification is required*
  • NO credit score verification is required*

*IMPORTANT: These are FHA guidelines. Lenders may have their own guidelines called overlays, which may require all or some of these guidelines to be met.  The good news here is we don't have investor overlays!

Features & Benefits of Colorado FHA Streamline Mortgages

Why choose an FHA Streamline refinance?

In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:

  • Low MI
  • No appraisals required
  • ‘No out of pocket cost’ refinancing possible
  • Lower credit scores OK
  • No loan balance increase to cover loan costs
  • Can refinance even if ‘underwater’

Do You Qualify for an FHA Streamline Refinance?

Colorado FHA streamline refinances couldn’t be easier and less stress-free to qualify for, but in order to be eligible for the newest program updates you will need to meet the following:

  • Must currently have a FHA loan
  • Not refinanced within the last 6 months
  • Not been more than 30 days late on your mortgage payments in the last 12 months

Note that while FHA itself requires no minimum credit scores or income or employment verification, most lenders do have their own additional criteria for these items.

FHA Streamline Frequently Asked Questions & Answers

Q: Do I have to refinance with my current lender to take advantage of this program?

No. You may use any approved FHA lender to complete a FHA streamlined refinance on your Colorado property.

Q: Am I still eligible for a FHA streamline refinance if I owe more on my mortgage than my home is worth?

Yes. No appraisals are required, so the current value of your home is not factored in for approval.

Q: Can I still qualify for a FHA Streamline refinance if I have been late on mortgage payments?

You need to be current on your mortgage payments at closing and have a good record of payments for the last 12 months.

Q: Can a FHA Streamline refinance stop foreclosure on my Colorado Home?

No. You must be current on your home loan in order to refinance with this program.

Q: Are vacation homes or investment properties eligible for FHA streamline loans?

According to the FHA, primary residences, second homes and investment properties in Colorado qualify for streamlined FHA refinancing. HOWEVER, most lenders will NOT fund second homes or investment properties. Please give us a call at 720-580-1346 to discuss other options for your second home or investment property.

Q: Can I remove an ex-spouse or add a new one when I refinance?

Yes you can do both.

Q: What if my condominium lost FHA approval since I took out my original loan?

Providing no appraisal is used your property is still eligible to be refinanced.

Q: How can I qualify for a ‘no-cost’ FHA streamline loan?

You either have the choice of paying any applicable closing costs out of pocket so that your loan balance is not increased or paying a slightly higher interest rate and having the lender pay for your closing costs.

Q: Can I qualify for a FHA streamline refinance if I lost my job or my income has gone down?

FHA does not require any employment or income verification or the calculation of debt-to-income (DTI) ratios. 

Q: What is the minimum credit score for a FHA streamline refinance in Colorado?

FHA itself has no credit score requirement and does not even require a credit report is pulled.

However, individual lenders have their own guidelines. Many require a minimum credit score of 580, though others will accept scores even lower. If you have issues with your credit, don’t give up.

Give us a call at 720-580-1346 so we can discuss your current credit situation.

Q: Will I have to make any repairs to my property in order to get a loan?

No. Unless an appraisal is used and your home has lead based paint, no repairs are required to be made.

Q: What if I have already refinanced my FHA loan?

The FHA requires that borrowers make 6 mortgage payments on their current FHA-insured loan, and that 210 days pass from the most recent closing date, in order to be eligible for a Streamline Refinance.

Q: Can I refinance from a fixed rate home loan to an ARM?

Yes. Colorado home owners can either refinance from an adjustable rate mortgage to a fixed rate or even from a fixed to an ARM.

Q: I have a question. How do I contact you?

Feel free to call us at 720-580-1346 or Click Here to submit a question through our website.

Q: What is MI?

MI stands for mortgage insurance.

Mortgage insurance is required on all FHA loans to protect the lender from losses.

MI rates on FHA loans were reduced on February 22nd 2023 to help more Colorado borrowers qualify for refinances and lower their housing payments.

Why Choose The Colorado Mortgage Team for FHA Refinancing?

1. Expert Guidance:

Our experienced team of mortgage professionals is dedicated to guiding you through every step of the FHA Refinancing process. From initial consultation to closing, we're here to ensure you make informed decisions that align with your financial goals.

2. Streamlined Process:

With our FHA Streamline Refinance program, say goodbye to the paperwork-heavy processes. Enjoy a streamlined approach designed to make your refinancing experience quick and straightforward.

3. Competitive Rates:

We understand that securing a competitive interest rate is crucial. Our commitment is to find you the best possible rates, ensuring that you enjoy the maximum benefits of FHA Refinancing.

4. Tailored Solutions:

Your financial situation is unique, and we treat it as such. Our team works closely with you to understand your specific needs, creating tailored FHA Refinancing solutions that align with your goals.

Ready to embark on your journey to financial freedom with FHA Refinancing?