Florida FHA Refinance Offers Fast Relief to Homeowners

There are many reasons why folks who currently have an FHA mortgage may want to refinance, but few are better than the fact that the Florida FHA Refinance is perhaps the easiest and best way to lower you interest rate – period.

Today with historically low rates, the FHA streamline refinance loan has helped many homeowners in Florida save money on their current mortgages.

Since the early 1980’s, the Federal Housing Authority (FHA) has been allowing homeowners to refinance their homes under the FHA streamline program. The term “Streamline” refers to the reduced amount of documentation that is necessary to perform this loan.

Here’s what you need to know about Florida FHA Streamline Refinance Mortgages:

1. You must currently have an FHA mortgage
2. Your mortgage must be current with up to date payments
3. The FHA Streamline Refinance must reduce your interest rate and mortgage payment
4. You cannot use the FHA Streamline Refinance as a cash out refinance

There are different FHA Streamline Refinance options your lender may offer:

No-cost refinances where you will pay no out of pocket expenses, but will pay a slightly higher interest rate than you otherwise would.  Lenders pay closing costs for this option.

Closing costs can be folded into the loan amount if there is enough equity in the home to cover them.  This option DOES require an appraisal to ensure there is enough equity.  Note: for refinances without appraisals, the new loan amount must not go beyond the initial loan amount by 1.5%.

FHA Streamlined Refinancing is one of the effective ways you can keep your homes. During these times when foreclosures happen in nearly every neighborhood, it is extremely important that you can afford monthly mortgage payments to stay in your homes. Florida is no exception.

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• What Every Winter Haven Homeowner Should Know About FHA Streamline Refinance Mortgages (myfhamortgageblog.com)
• Winter Haven, Florida FHA Activity Increasing – US Sees FHA Loan Limit Increase (myfhamortgageblog.com)

I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!

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