Thursday, March 10, 2011

Kentucky FHA Streamline Refinance

Kentucky FHA Streamline Refinance




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The Kentucky FHA streamline mortgage program is the perfect solution for existing Kentucky  FHA loans.



Learn More



One of the major benefits of having an existing Kentucky FHA loan is the ability to do a streamline refinance. Having already been approved by HUD once for a government insured FHA product, doing a streamline refi to improve your existing interest rate, or to shorten your loan terms is pretty straight forward and comes with reduced fees for closing.



If you don't presently have an Kentucky FHA mortgage, you will not be eligible for a streamline mortgage; however, we can refinance your existing conventional or sub-prime loan into an Kentucky FHA loan that will allow you to take advantage of the FHA streamline program in the future! Learn more! Call 502-905-3708-to get started.



With the FHA streamline mortgage program, so long as your loan payments have been on time for the prior 12 months, you can inexpensively take advantage of any improvements in market interest rates. Even if you had a "payment" bump in the road, you can still possibly qualify for a streamline mortgage refi with the right circumstances!



The process of refinancing an existing Kentucky FHA product is called an "Kentucky FHA Streamline" loan due to the fact it requires reduced documentation, and in many instances, requires no appraisal. Speak to one of our Kentucky FHA specialists ator use our quick quote to begin the application process for your next streamline refinance.



FHA Streamline Requirements



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HUD has really simplified refinancing existing FHA loans.



Conditions include:



■Your loan must already be an FHA HUD insured loan

■The FHA loan must be at least 6 months old



■The refinance must lower the principle and interest payments by at least $50.00 per month or be converting from an ARM to a fixed rate mortgage



■The mortgage must have been on time for the most current 12 consecutive months and have no present lates/defaults on any government loan



■You cannot receive cash back



■An appraisal is required if rolling in your closing costs



■Any existing new liens must subordinate to the new mortgage



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