FHA Loan Holders Just Hit the Mortgage Jackpot
Important: The special government program described below applies only to mortgages backed by the FHA (Federal Housing Administration.) Not sure if you qualify? Read on to find out.
Your Fast Pass to Major Savings
FHA Streamline, an initiative of the Federal Housing Administration, is a program unlike any we’ve ever seen at LendingTree. If you’re currently paying off an FHA mortgage, you could refinance at lower interest rates with almost no paperwork. Almost all of the typical, time-consuming hurdles required for a mortgage refinance are being waved. Check these out:
No job verification.
No income verification.
No credit check.
Hundreds of dollars per month, back in your pocket.
FHA Streamline allows homeowners to save in a number of different ways. Current holders of 30- and 15-year mortgages can keep their current mortgage type, while easily refinancing under lower interest rates. Alternatively, homeowners currently paying off 30-year mortgages can cut the length of the mortgage in half, switching to 15-year loans and shaving thousands of dollars in interest from their total payments.
Current on your payments? No appraisal required.
If you’ve been faithful to your monthly mortgage payments, you could qualify for refinancing without an appraisal. Appraisal waivers are given to homeowners who have a history of on-time payments, and are refinancing with the goal of lowering their monthly payments. If that’s you, this refinancing process just got even easier.
Qualify even if you owe more than your home is worth.
If the value of your home has decreased over time, there’s a chance that you owe more on your mortgage than its current worth. With a typical loan, a new appraisal would be required, and your application would be denied if you were “under water.” Through FHA Streamline, the value of your original appraisal is referenced for loan approval, meaning that even under-water mortgages can qualify for refinancing.
Too good to be true? Here’s how they do it.
In any other situation, a loan offered without credit check or income verification is one we would advise steering clear of. But this offer is different. Because current FHA loan holders were already approved for loans based on documentation provided with their original loan application, the government is simply transferring their existing approval to a new mortgage at current, lower interest rates. You’ve already proved your ability to handle a mortgage. Now, the FHA is rewarding that responsibility by removing a lot of red tape.
Shocked by that low interest rate? Thank Uncle Sam.
If you’re like most, the low interest rates available through the FHA loan program are too low to make sense. And there’s a reason for that. The US government backs FHA loans, reducing the risk to lenders, and essentially setting the low rates for customers like you. In other words, your tax dollars allow for these crazy low interest rates to exist. Now it’s up to you to take advantage of them!
The FHA only partners with select lenders for its Streamline program, so you have to know where to look. Luckily, at LendingTree we have done the legwork for you. The simple process makes multiple banks compete for your business, all at once. It’s free, it’s fast, and you can even do it from your phone. Give it a try today.
Q: How do I know if I qualify?
A: Put less than 5% down? You’re in.
If you’re not sure if your mortgage is an FHA loan, look up how much you originally put down. If your down payment was less than 5%, you likely have an FHA loan. And that’s incredible news, because you likely qualify for financing through FHA Streamline. You lucky duck, you.
Q: How much can I save?
A: In our own experience, a lot.
When a member of our very own LendingTree family recently refinanced the mortgage on his home, he was shocked to learn that 72% of his monthly mortgage payment was going straight to interest. You guessed it: he had a 30-year loan. But after making banks compete for his business on LendingTree, our team member was offered a 15-year mortgage at a lower interest rate. The bottom line? $159,447 in savings and outright ownership 15 years sooner than a 30 year mortgage.
Here's How You Do It:
Step 2: Once you go through a few questions, you will have the opportunity to compare the quotes from multiple lenders!