FHA has made it very easy to refinance if you already have an existing Oklahoma FHA loan!
FHA offers what is called a "streamline" refinance option. The streamline refers only to the amount of documentation and the approval process that needs to be performed by us, and does not mean that there are no costs involved in the transaction. In an FHA Streamline, it is not necessary to prove your current income.
The only requirements on an FHA Streamline Refinance:
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 amount.
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 closing costs.
Contact us today through either email, our easy loan application, or completing the easy question form below to refinance your existing FHA loan!
FHA has made it very easy to refinance if you already have an existing Oklahoma FHA loan!
