Mortgage News

Benefits of FHA Streamline Refinance

September 16th, 2015

  • May not require appraisal; in that case, you would use the original purchase price as current value of the home
  • No penalty for being underwater
  • May not require verification of employment, income or credit
  • Requires three month of perfect payment history on all accounts (including credit cards)
  • Must have had at least six months of mortgage payments
  • Must be a net tangible benefit for the refinance like lowering the rate or monthly payments, terms (ex: go from 30-year to 15-year mortgage) or type (ex: go from an adjustable rate mortgage to a fixed rate mortgage)
  • Can’t do a cash-out refinance
  • Can’t include closing costs on the loan (must be paid at closing)

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945)

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