Streamline Your FHA Mortgage
If you purchased you home before May 31, 2009 and have not refinanced since then, now may be the time. Intercounty Mortgage is now accepting FHA Streamline Refinance applications which are non credit qualifying and do not require an appraisal. What this means is we will not need to verify your employment or income and the refinance loan amount can be based upon the original appraisal from when you originally purchased your home. “FHA Streamline refinance” refers to the amount of documentation and underwriting that Intercounty Mortgage Network must perform, and does not mean that there are no costs involved in the transaction.
The basic requirements of a streamline refinance are:
1. The mortgage to be refinanced must already be FHA insured and that mortgage was completed prior to 5/31/09..
2. The mortgage to be refinanced should be current (not delinquent and can not have a payment over 30 days late in the past 12 months).
3. The refinance results in a lowering of the borrower’s monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
4. No cash may be taken out on mortgages refinanced using the streamline refinance process.