Rather than the long, arduous journey Orange County home buyers might fear when considering refinancing their existing FHA loan, the FHA has actually set up a streamlined approval process to ensure that things go as smoothly as possible for qualified borrowers.
The program is intended for home owners who currently have an FHA loan. Also, to avoid having to go through the traditional (not streamlined) qualification process, you’ll need to end up with the same monthly payment or lower. Under the streamlined process, there’s no verification of employment, income, assets, and credit. However, you will need to have:
* been paying on the loan for at least six months.
* made no late payments during the life of the loan, or during the last 12 months (whichever is shorter).
* no intention of using the process as a cash-out refi.
A mortgage expert who is experienced in FHA lending can also help guide you through the process. With very little effort at all, you could benefit from today’s low interest rates and monthly payments.