FHA Streamline Mortgage Refinancing Available in New York
FHA Loan Requirements: Earlier this year, the United States Federal Government reduced the cost of refinancing mortgages in New York in an effort to resuscitate the sluggish housing market. The FHA’s Streamline Refinance program allows home owners with current FHA loans in New York to take advantage of the current low market rates without having to pay many of the fees associated with refinancing.
We are a mortgage broker located in New York, a reputable mortgage company that can help homeowners understand the intricacies of refinancing mortgages in New York. We have a full staff of financial professionals who can provide sound advice on the entire refinancing process.The FHA Streamline Refinance program provides low FHA loan rates without credit or income documentation, allowing borrowers to refinance their loans if their credit is less than perfect or if income has dropped.
In addition, no appraisal is required, meaning that homeowners whose property is worth less than the amount of money currently owed on it will also be able to obtain refinanced FHA loans in New York.Some homeowners with FHA loans, however, may not be eligible. Only those whose loans originated on or before May 31, 2009 are eligible. Borrowers must also be current on their loans.We at Centex Capital Corp. can explain the reduced fees that are part of this refinancing program. Upfront mortgage insurance premiums will drop to 0.01 percent of the loan balance. We, as an experienced mortgage broker will also be able to detail how the annual mortgage insurance premium has been reduced to 0.55 percent of the loan balance. These fee reductions can save a typical FHA borrower approximately $1,000 per year in addition to savings from a reduced home loan rate.
Email us or call us at (800)842-2910.