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Answers (2)
- Roswell Moore, C.M.P.S., "Mortgage.Coach"
- Contributions:104
The short answer is YES you can, but there are caveats to this. In order to qualify for this Streamline FHA refinance, you must be saving a minimum of 5% on your monthly P&I + your MI payment. Your lender could pay for these fees if structured properly AND you end up saving that 5%.
In most cases, it will pay you to at least bring in your regular monthly payment to the new lender (you'll skip a mortgage payment with your refinance, so you can look at it as a wash) if not a little more to cover your new escrow account for your monthly taxes & insurance payments, which BTW, you will be getting a refund back from your current lender once you pay off your current mortgage with the refinance.
Good luck with your refinance.
In most cases, it will pay you to at least bring in your regular monthly payment to the new lender (you'll skip a mortgage payment with your refinance, so you can look at it as a wash) if not a little more to cover your new escrow account for your monthly taxes & insurance payments, which BTW, you will be getting a refund back from your current lender once you pay off your current mortgage with the refinance.
Good luck with your refinance.
All the best,
Ros
Roswell Moore, CMPS
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
The most common streamline is the streamline no appraisal no credit qualifying. For that program, there are limits on the maximum loan amount and you are not able to finance any closing costs except for the new UFMIP. It often works best to bring one payment into closing.
If you are asking about streamline wihtout having to pay down your balance to current market value, then yes, the streamline no appraisal will qualify off the value that was used for your existing loan.
Can you do an FHA Streamline with no money down?
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