Save time and money with an FHA streamlined refinance
Streamlined refinance1 refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamlined refinances are available under credit qualifying and non-credit qualifying options. Plus, your current FHA loan doesn’t have to be with Farmington Bank to take advantage of this product. To qualify:
- The mortgage to be refinanced must already be FHA-insured and received prior to 1/26/2015.
- You must be current on the mortgage with no late payments in the last 12 months.
- The refinance must result in a net tangible benefit to the borrower. (“Net tangible benefit” varies based on the type of loan being refinanced and the interest rate and/or term of the new loan.)
- Cash in excess of $500 may not be taken out on mortgages refinanced using the streamlined refinance process.
1 “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform and does not mean that there are no costs involved in the transaction
- 2 A prequalification/estimate are guidelines; the estimate is not an application for credit and results do not guarantee loan approval or denial. All loans are subject to the credit approval process.