Owing more on your mortgage than your house is worth is a common problem in Michigan. After the economy took a downturn only a few years back, property values have plummeted. The U.S. federal government has recently announced programs to help people refinance their mortgages that are owned by Fannie Mae and Freddie Mac. This is great news for many homeowners, however that still leaves millions of homeowners that may not qualify for a HARP refinance because their mortgage loans are insured by the Federal Housing Administration through an FHA loan.
Before you give up all hope, there is a program that is a solution to underwater homes in Michigan. If you are currently in an FHA mortgage then you may qualify for a FHA Streamline Refinance with no appraisal. FHA’s streamline refinance program will allow Michigan homeowners to refinance to today’s historically low mortgage rates while also drastically reducing the steps needed to qualify.
When it comes to qualifying for the FHA Streamline Refinance, you have to be up-to-date on all mortgage payments for the past year. This means that you must have paid all your mortgage payments on time for the past 12 months with no 30 day late pays. You also have to be sure you’re the original property owner for the last six-months, minimum, to take advantage of the program. The next step is to call Riverbank Finance, a mortgage company in Michigan, so a loan officer can help give you your options to for FHA streamlines mortgage rates.
Benefits of a Michigan FHA streamline Refinance
There are several great benefits to the streamline program including the amount of paperwork needed is miniscule. The closing costs and fees for this type of refinance are very low, in fact there are zero cost loan options available for most situations. Many programs involve application fees but that’s nothing to worry about, as applications fees are waived. Another great benefit is there is no appraisal required therefore the value of your home is not an important factor.
When you take advantage of an FHA Streamline Refinance, you can expect to receive as very low to zero-cost loan options! No matter where your property is within the state of Michigan, we can help you benefit from an FHA Streamline Refinance. Call Riverbank Finance today at 1-800-555-2098 to begin your refinancing process to see if you can save thousands in interest.
For more information on a FHA Streamline Refinance, request information below, or visit: http://riverbankfinance.com/mortgage-programs/streamline-fha-mortgage.html