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FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin you need an existing FHA mortgage. If you do have a FHA mortgage, the other requirements for a streamline are:
- Being current on the existing loan with all mortgage payments made on time for the last year
- You must own the original property for at least six months before you can qualify for refinancing
- FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan
- Closing costs must be paid up front or arranged for through a "no-cost" FHA Streamline loan. You may also choose to include the closing costs into your loan a "with appraisal" FHA Streamline loan. In these cases you must have enough equity in the home to cover the extra amount. To discuss your options contact a BrightPath mortgage specialist today.
Get the scoop on FHA streamline loans here