Alabama FHA Streamline Refinance Mortgage Program

Alabama FHA Streamline: Streamlines Are Easy

In recent years, quite a few homeowners in Alabama are currently in an FHA loan and know the benefits of having an FHA home loan. FHA has designed the Alabama FHA streamline refinance to allow eligible homeowners with an FHA loan who live in Alabama to participate in the FHA streamline program and lower their interest rate with as little hassle as possible. The Alabama FHA streamline refinance is known as a “no income, no asset, no credit score” refinance because it doesn’t require that you provide any information about any of these items in order to qualify for the refinance.

Alabama FHA Streamline Refinance: No Appraisal Needed

It is true that some people will not be required to get an appraisal when going through the FHA streamline program: but each situation is different and some may be required and some may not be required to get an appraisal. The easy way to tell if you will need an appraisal or not is this: if your new total loan amount exceeds your original loan amount by 1.5% of the loan amount, you will need to get an appraisal. Make sure and ask your loan officer up front whether or not an appraisal will be required if you choose to participate in the FHA streamline refinance.

Alabama FHA Streamline Refinance: Closing Costs

There are costs involved with the Alabama FHA streamline program, but they can either be rolled into your loan or paid by your lender in exchange for a higher interest rate. This is also known as the Alabama FHA streamline refinance program with no out of pocket closing costs or the FHA streamline refinance program with no closing costs. Obviously, the Alabama FHA streamline mortgage refinance program is popular only when interest rates have fallen to the point where it makes sense for people to streamline.

Alabama FHA Streamline: The Main Eligibility Criteria

The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage in the last 12 months. Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months you are eligible to participate in the Alabama FHA refinance streamline program. Contact your Alabama FHA streamline refinance experts to see if you can qualify for the program today!