FHA Loan - Federal Housing Administration
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA).
- Do you need less stringent qualification and credit requirements?
- Is your down payment or home equity less than 20%?
- Do you have an FHA Loan and want to save money with an easy and fast FHA Streamline refinance?
FHA loan qualification requirements
- Credit scores as low as 580 may qualify.
- Refinance up to 97.75% of your primary home's value.
- Buy a home with as little as 3.5% down (primary home).
How an FHA Loan Works
- Your actual payment will vary based on your situation and the current interest rates when you apply.
- Pay your mortgage at any time without pre-payment penalties.
- 30, 25, 20 and 15-year terms are all available with fixed rates.
- Adjustable-rate mortgage available.
What is an FHA Streamline Refinance
- The FHA Streamline is a refinance program from the Federal Housing Administration which could get you a lower rate on your FHA mortgage without an extensive qualification process.
- In order to qualify, you must currently be in an FHA loan.
How the FHA Streamline Refinance Works
- FHA Streamline is a refinance program for homeowners currently in an FHA loan.
- FHA Streamline is offered as an adjustable rate mortgage or either a 15-year, 20-year, or 30-year fixed rate loan.
- No appraisal required.
- Minimal credit requirements.
Is an FHA Streamline Refinance Right for You
If you're in an FHA loan now and:
- Your current mortgage rate is higher than today's mortgage rates.
- You owe more on your mortgage than your home is worth.