FHA Streamline

FHA Streamline in Fairfield County, CT

The FHA Streamline Refinance is by far the fastest, easiest way to refinance an FHA loan. Unlike most refinances, this streamline program does not require verifying your assets, income or employment, nor do you need to have your home appraised. Even better, the FHA Streamline program encourages underwater homeowners in Fairfield County, CT to refinance because there is no required loan-to-value ratio, allowing almost anyone to take advantage of lower rates by refinancing their FHA mortgage.

The FHA Streamline Refinance in Fairfield County, CT will use the information provided from your original FHA application to complete the refinance which means no verification of your credit, assets, income or employment. The original information will be repackaged into your new application for a new loan with a better rate.

FHA Streamline Fairfield County, CT

Requirements for an FHA Streamline Refinance in Fairfield County, CT

FHA Streamline loans are easy to qualify for, but you must meet these requirements:

  • You must live in the house.
  • You cannot have more than two 30-day late payments in the last 12 months.
  • You have not used the Streamline loan program in the last 6 months.
  • The refinance must give you a lower interest and principal payment, or be used to convert an ARM to a fixed loan.
  • While there is no minimum credit score, lenders can impose their own requirements.
FHA Streamline Refinance Program Fairfield County, CT

Can I Take Cash Out with an FHA Streamline Loan?

If you are hoping to refinance a mortgage in Fairfield County, CT to access your equity, you will need to use a traditional refinance loan. The FHA Streamline program does not allow you to increase your mortgage or take cash out.

Fairfield County, CT FHA Streamline Closing Costs

Closing costs must be paid when you refinance a home in Fairfield County, CT through the Streamline program. Closing costs depend on the amount of the loan, but they will be in the thousands. You will also need to pay some fees to the lender and/or mortgage broker. It is possible to roll the closing costs into your new mortgage, but this requires getting an appraisal on your house. The balance of your new loan cannot exceed the original mortgage balance by more than 1.5%. You must pay closing costs out of pocket if you choose not to get an appraisal. It is possible to get a no cost FHA Streamline Refinance if the lender pays these costs for you in exchange for a higher interest rate on your loan.

FHA Streamline Refinance Requirements Fairfield County, CT

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