The Michigan FHA streamline refi program allows borrowers with existing FHA loans to refinance with less hassle. Plus it also allows FHA homeowners to refinance when they owe more on their home than its worth. This is possible because the majority of FHA lenders don't require an appraisal for the FHA streamline.
Plus, the monthly FHA mortgage insurance was recently reduced from 1.35% to 0.85%. This alone can help more borrowers see significant monthly payment savings with a streamline refinance. If you've obtained your FHA mortgage after April of 2011, you really need to see what savings may be available to you. Call (248) 674-6450 for your free FHA streamline review to see if you can start saving ASAP!
Another benefit of this program is that there is less paperwork required for the borrower. This makes the streamline program a lot less intrusive than a traditional refinance. On top of the limited paperwork, the borrowers will have very little to no costs associated with the transaction. This allows the borrower to complete it with very little money out of pocket and still realize a significant monthly savings with amazing rates.
FHA Streamline Refinance Rates Are Below 4% in Michigan!
The Michigan FHA Streamline Refinance is a great way for existing FHA borrowers to lower their current payment and interest rate. With rates currently below 4%, the average savings on a Michigan FHA Streamline Refinance is around $200 per month!
If you're looking into a streamline refinance, consider these benefits;
- No Up-Front Fees or Closing Costs
- Limited Paperwork Requirements
- Reduced Mortgage Insurance
- Skip a Mortgage Payment
- Save Thousands in Interest
- No Debt Ratio
FHA Streamline Refinance Requirements
In order to get approved for the Michigan FHA refi program there will be certain requirements. I've listed the most important streamline refi requirements below for your review;
- Must have existing FHA loan for 210 days or 7 months prior to being eligible
- Must reduce payment by at least 5%
- No cash out
- Can't increase loan amount
- Can't have late mortgage payments in the past 12 months
If you'd like a more detailed review of your situation or more info on the requirements, call Michigan Mortgage Solutions at (248) 674-6450. We can help you determine if this program is right for you.
Finding The Best FHA Lenders in Michigan
When searching for FHA lenders in Michigan, paying attention to rates is only half the battle. Rates change on a daily basis and are derived from several loan level price adjustments. These adjustments range from credit score, loan-to-value, and the amount borrowed.
Beyond rates, you should be looking into the lenders credentials as well as their reputation. Find out if the lenders is properly licensed in Michigan as a lender and a broker. Lenders licensed as both will give you the most options as well as the best rates. You can research the lender online to look into their reputation by reading the reviews posted in directories such as Google, YELP, or YAHOO.