There are two ways you can refinance your FHA loan: go with a streamline refinance or switch to a conventional mortgage.
When you swap your FHA loan for a conventional loan, you probably won’t have to worry about paying for mortgage insurance if you’ve built over 20% equity in your home. The end result could be a lower monthly payment – and big savings.
And what if your credit isn’t in the best shape, but you want to save a little money – the FHA Streamline Refinance program might be right for you. If you’ve kept up with your monthly payments for at least a year, you can apply for one without having your income, employment, or credit verified.
Contact us today to see if an FHA loan or loan refi is right for you!