Indiana FHA Streamline Refinance Mortgage Program

Indiana FHA Streamline: More Popular Than Ever

Many people across Indiana have decided in recent years to finance their home with an FHA home loan. Thanks to the FHA refinance streamline program, it is possible to lower your interest rate and get a lower mortgage payment each month without having to completely re-qualify for a new loan. For many people who want to take advantage of the Indiana FHA streamline refinance program, they are relieved to know that the FHA streamline refinance doesn’t require income, asset or credit information in order to qualify.

Indiana FHA Streamline Refinance: No Appraisal Required

While some people may not be required to obtain an appraisal when participating in the FHA streamline program, each sitaution is different and must be evaluated on a case by case basis. The only way that you will need an appraisal when you go through the FHA streamline program is if your new total loan amount exceeds your original loan amount by 1.5% of your loan amount. So, if you originally had a $100,000 loan, your new loan amount cannot exceed $101,500 or you will need a new appraisal on your property when you go through the FHA streamline program. Because some people will be required to get an appraisal and some will not when going through the Indiana FHA streamline refinance program, be sure to check with your loan officer up front to know for sure.

Indiana FHA Streamline Refinance: How Much Are Closing Costs?

There are costs involved with the Indiana FHA streamline program, but they can either be rolled into your loan or paid by your lender in exchange for a higher interest rate. These two choices are known as the Indiana FHA streamline refinance program with no out of pocket closing costs or the FHA streamline refinance program with no closing costs. When someone participates in the Indiana FHA streamline refinance program, they will still be in a FHA 30 year fixed rate loan with an interest rate that is lower than what they had before.

Indiana FHA Streamline Refinance: Qualifying Criteria

The main criteria for participating in the FHA streamline mortgage 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 Indiana FHA streamline refinance program and will probably need an appraisal unless you can qualify for the FHA streamline program without appraisal. Contact your Indiana FHA streamline refinance experts to see if you can qualify for the program today!