FHA Streamline Refinance

The FHA Streamline Loan Program allows a borrower to lower their monthly payment (not the outstanding balance of your loan) without an appraisal even if your home is upside down and you have no equity.

To qualify for this loan program, the borrower must meet the following guidlines among others that the underwriter may require:

o Minimum FICO Score of 620

o Must Have a Current FHA Loan to Be Eligible

o Refinance Must be FHA to FHA 

o No income Documentation Required

o No Cash Back To Borrower at Closing of New FHA Loan

o  No Appraisal Required

o  Asset Verification (Checking, Savings, etc) Needed

o Mortgage History - No Late Payments in the Last 12 Months

o Reduced Documentation Compared to Standard FHA Loan

o Net Tangible Benefit Required

Typical  Benefit From FHA Streamline Refinance Program

Term                                                   30 Years                       30 Years                   30 years

Loan Amount:                                 $200,000                     $300,000                  $400,000

Old Loan Monthly Payment          $1073.64                     $1610.45                  $2147.30

New Loan Monthly Payment          $954.83                      $1432.25                  $1909.66

Monthly Savings                   $118.81                  $178.20               $237.64

To apply for a FHA Streamline refinance, please call Majestic Mortgage Services in Stockton at 209-888-8181 or Call Richard H. Travassos, Mortgage Loan Originator at 209-518-3314.  email: richardtravassos@gmail.com

 

Stockton Main Office

Majestic Mortgage Services, Inc.
5250 Claremont Ave, Suite 251
Stockton, California 95207
Phone: 209-473-3947
Fax: 209-473-2298
NMLS: 1154031 CA BRE (License #01944454)