How to Obtain an FHA Streamline Refinance Home Loan in California with No Out of pocket Expenses. 

Thank you for taking the 1st step towards reducing your current FHA home loan with an FHA Streamline Refinance loan and you may be asking yourself what is a streamline refinance? The short answer to this: you can refinance your existing FHA home loan into a lower interest fix rate that is being offered at current market rate with very little documentation (no income and no appraisal) and the benefit of the refinance program is, if you do not see a benefit, then you simply continue with your existing loan, no money lost in exploring the FHA Streamline refinance option. FHA has a built-in feature to save you money once the rates decrease by offering a streamline home loan. 

FHA Streamline Refinance requirements/guidelines are as such:

• An appraisal is not a factor in the qualification of the loan, that is an upfront savings of $475-$525
• Receive your escrow account funds back from current lender once they are paid in full
• Rates vary on a daily bases depending on the market, supply and demand will drive the rate
• Our underwriting fee is waived, savings up to $900
• Need to have an on-time mortgage payment for the past 12 months
• Middle credit score of all three credit bureaus must be at least a 640+, we can direct you on how to improve your overall credit profile if below the required 640
• Closing cost will determine which refinance program you elect to take, the closing cost can be very low if you elect to take a slightly higher interest rate to receive a lender credit towards the closing cost
• Must save at least 5% of the Principle, Interest and Monthly Mortgage Insurance to move forward
• Even though we do not require income documentation, need to have employment to verify there is income coming into the household. If there are two borrowers on the loan, one employment will meet the requirement 
• One of the smoothest and stress-free refinance programs available 
• Skip a month in a mortgage payment, image what you can do with the extra money; pay off a credit card or a weekend getaway!     

FHA home loans that were insured by HUD prior to May 31st, 2009 will remain at a very low monthly mortgage insurance payment, which will reduce your overpayment drastically compared to HUD's current monthly mortgage insurance factor. Click on the link below to see your savings. 

Canopy Mortgage is one of the few California FHA streamline refinance lenders that will assist a homeowner that is being serviced by another lender. The larger banks will only refinance their existing loans that they are servicing and many other lenders do not offer an FHA streamline refinance home loan California.

Let's get started on the path towards reducing your rate by completing the short contact form below or call me right away direct to explore the option of reducing your overall mortgage payment.