Depending on where you live in the country, you may have seen your property value drop by as much as 50-60% and unless you are in an FHA loan, you may have a hard (impossible) time refinancing your current loan.
Here, a lender in Arizona discusses a few of the benefits of the FHA streamline refinance program which can be used to refinance a loan that is on a property where the value has fallen significantly.
FHA Streamline Refinance Highlights
- No appraisal required
- No employment verification (verbal only, no income required)
- Existing loan has to be an FHA loan
- Payment history for the last 12 months must be clean
- Mid credit score must be 640 (with this lender)
- No cost FHA streamline options available
The FHA streamline refinance program is only available for homeowners who currently have an FHA loan and is available through a number of different FHA-approved lenders. If you have questions about the FHA streamline program and whether or not you will need to get an appraisal when getting an FHA streamline done, be sure to contact a loan officer at an FHA approved lender near you.
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