FHA Refinance
Learn more about Refinancing
A streamline refinance is a great way to lower your monthly payment on your FHA mortgage. If you are thinking about doing a streamline refinance for your FHA secured loan you should know about some of the basic requirements.
- You must already have an FHA insured loan. Village Capital & Investment LLC can only refinance your loan if it’s insured by the Federal Housing Administration
- You must be current on your payments.
- This FHA program is designed to help borrowers with their payments. The final result of the refinance must be that the borrower’s monthly principal and interest payment is lowered.
- During the refinance process you can’t take any cash out on the mortgage.
Why Village Capital & Investment LLC
Beyond the basic requirements of the FHA, some lenders have their own requirements borrowers have to meet in order for the mortgage company to refinance them. At Village Capital & Investment LLC we offer a no out-of-pocket cost refinance to the borrower. This means there is no out of pocket cost in order to refinance the loan. As a certified mortgage lender, we have the ability to offer borrowers rate quotes based on current market rates.
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No Credit Score Required
Worried about how your credit score will affect your refinance? Don’t be.
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No Income Verification
That’s right! No W2’s or tax transcripts. We only check to see if you’re employed.
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No Asset Verification
We don’t have to verify any of your assets to refinance your home.
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No Requalification
Forget all the hassle and time it takes to get re-qualified.
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No Appraisal
We won’t require an appraiser to appraise your house, saving you time and money.
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No Money Out of Pocket
Seriously. There’s no catch. No cash will be taken out of those pockets!
More On The FHA Refinance Program
The FHA refinance program has been designed to make it simple for borrowers to ‘streamline’ their refinance process. Some of the biggest benefits include:
1. No Appraisal required: With an FHA refinance you can use the original purchase price of the home, rather than the current value. So if your home has lost value and you’re underwater in your mortgage, then take advantage of this refinance program and lower your rate or payment.
2. Along with the no appraisal benefit borrowers have the ability to take advantage of the same features other loan products have, such as a choice between a fixed rate or adjustable rate mortgage, or a 15 or 30 year loan term. If you do ever decide to pay your loan off early, there’s no prepayment penalty.
Use our Calculator to get a quick glance at how much you can save every month.
Worried About Your Credit? Don’t be.
One of the biggest questions people have about re-financing is “do I have to have good credit in order to qualify?” There is no verification of credit in order to qualify for the FHA mortgage refinance program. On top of this benefit, FHA’s written guidelines also dictate:
– Employment Verification is not required: You don’t need a job in order to qualify for this program.
– No income verification: You don’t have to verify income in order to qualify for this program.
– No credit score verification: We do not approve loans based off of credit scores. The refinance is approved based off of your mortgage payment history, not your credit score.
If you would like more detailed information about credit requirements, check out our FHA eligibility page.
It may sound like the FHA streamline process is too good to be true, but it’s actually in their best interest to make the qualifications as minimal as possible. This is because the fewer the qualification the more people that can be refinanced. This means more people are going to get the lower monthly payment they need in order to stay current on their mortgage. As FHA insures the loans it’s in their best interest to help people stay current with their mortgage payments. If you’re ready to start the FHA streamline Refinance Process contact one of our licensed loan officers using the button below.
The products or services described in this website do not originate from the Federal Housing Administration (FHA) or any other government agency. Village Capital & Investment LLC is not affiliated with your current lender and any loan information presented was not obtained from your current lender. Estimated payment is for a 30 year fixed rate loan and does not include taxes and insurance. These products may have higher interest rates, more points, or more fees than products requiring documentation. [1] Refinancing may result in higher total finance charges over the life of the loan. Village Capital & Investment LLC NMLS ID: 3317 Arizona Mortgage Banker License No. 0909593.