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Streamline Refinance & Alternative Mortgage Program may be the answer if you are self-employed, have recently taken a job, or want to reduce the amount of paperwork needed to close your loan. You must already have a mortgage may and other restrictions apply.
A streamline refinances may have less or even no requirements for income, employment or assets depending on the type of loan you have currently. It doesn’t matter who is servicing your mortgage payments now. We can still work with you to streamline your mortgage depending on the secondary market investor. Whether it is FHA, Fannie Mae, Freddie Mac, or Ginnie Mae we can help!
Streamline Refinance is the best loan process for you if you are:
- Self Employed
- Recently started a new job after an extended period of time between jobs.
- Prefer to reduce the amount of paperwork.
- Prefer to not share your financial documents.
Benefits of the FHA Streamline Refinance Program include:
- Does not require an appraisal so it is highly useful if you are underwater on your mortgage (you owe more on your mortgage than what your home is worth)
- Because the program does not require an appraisal, this means there is no loan-to-value ratio requirement
- The program does not require borrowers to verify their income or assets although lenders may have their own borrower qualification requirements
- The program does not require that borrowers provide their credit scores but lenders may have their own minimum credit score requirements
- There is no prepayment penalty for an FHA mortgage