Mortgages Made Simple

Nightmare-Free FHA Refinancing 

Borrowers who have mortgages insured by the Federal Housing Administration (FHA) have options when it comes to refinancing. If you want to restructure your FHA home loan without all the hassles and high costs associated with a conventional refinance, you should consider an FHA streamline refinance. 

FHA streamline rates are often some of the most affordable on the market, competitive to most conventional loans. FHA streamline refinances usually have fewer steps and requirements than a conventional refinance possibly even avoiding appraisals, meaning this option can save you both time and money. 

You may be able to restructure your current FHA home loan. You could change your rate from an Adjustable Rate Mortgage (ARM) to a low Fixed Rate Mortgage ensuring a secure and consistent monthly payment for the life of your mortgage. You also may be able to reduce the term of your current mortgage, meaning you will not only save thousands of dollars over the life of your loan, but also you will pay off your mortgage even faster.

Requirements for a streamline refinance include: 

  • FHA must back your original mortgage
  • Current on mortgage payment.
  • The process will lower your monthly payments

Investment properties can also be refinanced through an FHA streamline but do require an appraisal prior to closing.

No-cost refinance

Some FHA lenders like Virtua Funding offer No-cost refinance options for FHA streamline mortgage loans.  No-cost refinancing is achieved by choosing a slightly higher interest rate to obtain enough lender credits to cover the costs.  This is a great way to refinance without using a lot of your available cash.

Discuss your FHA streamline refinance options with a professional at Virtua Funding. It could be your first step towards lowering your monthly home loan payment and saving thousands of dollars every year.