FHA Streamline Mortgage Overview
An FHA Streamline Mortgage is a great resource for borrowers that already have an FHA loan. FHA loans are a federally insured home loans that allow borrowers to take advantage when rates begin to drop.
Even more, the FHA streamline mortgage program does not require an appraisal and is a fairly easy underwriting process.
Loan Term Options
With an FHA Mortgage Loan, you can choose terms of 30 years, 25 years, 20 years, or 15 years.
Benefits of an FHA Streamline
- No appraisal needed.
- Perfect credit is not required
- Closings can occur in as soon as 30 days or less
- Less financial documents are required than a traditional mortgage
- 1-4 Unit properties can be streamlined
- Competitive interest rates.
Borrowers are not permitted to take cash out on a streamline loan. Furthermore, there also needs to be a benefit to the borrower in a reduction of rate and monthly payments.
At Northeast Financial, we specialize in FHA Streamline Loan financing throughout the state of Connecticut. The pre-approval process is easy, and we will work with you every step of the way. Please call or email us today so we can discuss your options.