Pennsylvania FHA Streamline Refinance Mortgage Program
Pennsylvania FHA Streamline Refinance: More Popular Than Ever
Many homeowners living in Pennsylvania are currently in an FHA loan and know how easy it can be to choose one of the FHA mortgage programs to finance their home. FHA has designed the Pennsylvania FHA streamline refinance to allow eligible homeowners with an FHA loan who live in Pennsylvania to participate in the FHA streamline program and lower their interest rate with as little hassle as possible. The Pennsylvania FHA streamline refinance is sometimes referred to as a “no income, no credit score, no asset” refinance loan because it doesn’t require that you provide proof about any of these things when participating in the program.
Pennsylvania FHA Streamline Refinance: No Appraisal Needed
For anyone wondering if they will be required to get an appraisal done, the answer is “it depends”. It depends on how long they have been in their current loan and how many closing costs will be rolled into the loan. When you go through the program, if your new total loan amount exceeds your original loan amount by 1.5% of the loan amount, you will be required to get an appraisal. In order to be sure if you will need an appraisal in your situation, speak with your loan officer as to whether or not an appraisal will be required for your new loan.
Pennsylvania FHA Streamline Refinance: How Much Are Closing Costs?
Depending on which choice you choose – these options are known as the Pennsylvania FHA streamline mortgage refinance program with no out of pocket closing costs or the FHA streamline refinance program with no closing costs. Obviously, the Pennsylvania FHA streamline refinance program is popular only when interest rates have fallen to the point where it makes sense for people to streamline.
Pennsylvania FHA Streamline Refinance: Qualifying Criteria
The primary criteria for being eligible for the Pennsylvania FHA refinance streamline are that you have to had lived in the property and you can’t have more than 2 thirty day late payments in the last 12 months. Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are eligible to participate in the Pennsylvania FHA streamline refinance program. Contact your Pennsylvania FHA streamline refinance experts to see if you can qualify for the program today!
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