South Carolina FHA Streamline Refinance

South Carolina FHA Streamline Refinance: Popular When Rates Are Low

Many people across South Carolina are currently in an FHA loan and are taking advantage of the FHA mortgage program. The South Carolina FHA streamline refinance allows people who currently have an FHA loan to refinance their home and get a lower FHA interest rate without having to completely re-qualify for a new FHA loan. The South Carolina FHA streamline refinance is known as a “no income, no asset, no credit score” refinance because it doesn’t require that you provide any information about any of these items in order to qualify for the refinance.

South Carolina FHA Streamline Refinance: No Appraisal Required

For anyone wondering if they will be required to get an appraisal done, the answer is “it depends”. It depends on how long they have been in their current loan and how many closing costs will be rolled into the loan. The easy way to tell if you will need an appraisal or not is this: if your new total loan amount exceeds your original loan amount by 1.5% of the loan amount, you will need to get an appraisal. In order to be sure if you will need an appraisal in your situation, speak with your loan officer as to whether or not an appraisal will be required for your new loan.

Closing Costs For The South Carolina FHA Streamline Refinance

The costs of the South Carolina FHA streamline mortgage refinance can be rolled into your loan or paid by the lender in exchange for a higher interest rate. This is also known as the South Carolina FHA streamline refinance program with no out of pocket closing costs or the FHA streamline refinance program with no closing costs. Obviously, the South Carolina FHA streamline refinance program is popular only when interest rates have fallen to the point where it makes sense for people to streamline.

South Carolina FHA Streamline: Qualifying Criteria

The primary criteria for being eligible for the South Carolina FHA refinance streamline are that you have to had lived in the property and you can’t have more than 2 thirty day late payments in the last 12 months. If you currently live in the property and have less than 2 thirty day late payments in the last 12 months you are eligible to participate in the South Carolina FHA streamline refinance program. Contact your South Carolina FHA streamline refinance experts and get qualified for the program today!