Refinancing Your Florida FHA Loan Just Got a Lot Easier & Cheaper!

Changes to the FHA streamline program for Florida homeowners have made it far more attractive and simple to reduce interest rates and lower payments, even if you owe more than your home is worth…

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What is the FHA Streamline Program?

FHA Streamline refinances enable Florida homeowners to refinance their current FHA home loans with reduced paperwork and underwriting to take advantage of lower interest rates so that borrowers can save more moneylower their monthly housing payments and in some cases change from an adjustable rate mortgage to a fixed rate mortgage loan or even shorten the term of their loans.

This means less hassle, less paper, faster processing and potentially huge savings over the life of your loan.

There are many advantages for Florida property owners, including the availability of ‘no-cost’ refinances and even those who didn’t qualify before might qualify now.

What Are the New Changes That Make FHA Streamline Loans Even Better?

These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing. At least until now…

New changes to the FHA Streamline program apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009.

In an effort to assist more Florida homeowners with FHA mortgages to refinance at today’s incredibly interest rates FHA mortgage insurance rates were reduced, effective June 11th, 2012.

This new change alone means thousands of dollars in savings for most borrowers.

*IMPORTANT: These are FHA guidelines. Lenders may have their own guidelines called overlays, which may require all or some of these guidelines to be met. Feel free to contact us at 800.826.5077 for more information.