More recently people have been looking at options to streamline their FHA mortgage in Denver and Colorado. So does it make sense, can you do it? Do you need an appraisal? How long do you have to wait since you last took an FHA mortgage? When does it make sense to do an FHA streamline refinance?
There are some basic requirements:
We will verify your ability to repay the mortgage
You have to have made your last 12 payments on time, and current when you close.
There is a 6-month waiting period from your last FHA (210 days from the closing date)
There must be a “net benefit” (your principal , interest, and mortgage insurance must go down by 5%)
An appraisal may be required (if you are adding in anything on top of your principal, interest (current only), and difference of old upfront mortgage insurance, and new upfront mortgage insurance
Credit score- we require you have a 640 credit score to do a streamline refinance
If assets are needed to close with, we will want to see the money in the bank
To apply for an FHA streamline refinance click here