Refinancing Your San Francisco Bay Area FHA Loan
Just Got a Lot Easier & Cheaper!
Changes to the FHA streamline program for San Francisco Bay Area homeowners have made it far more attractive and simple to reduce interest rates and lower payments, even if you owe more than your home is worth…
What is the FHA Streamline Program?
 FHA Streamline refinances enable San Francisco Bay Area homeowners to refinance their current FHA home loans with reduced paperwork and underwriting to take advantage of lower interest rates so that borrowers can save more money, lower their monthly housing payments and in some cases change from an adjustable rate mortgage to a fixed rate mortgage loan or even shorten the term of their loans.
This means less hassle, less paper, faster processing and potentially huge savings over the life of your loan.
There are many advantages for San Francisco Bay Area property owners, including the availability of ‘no-cost’ refinances and even those who didn’t qualify before might qualify now.
What Are the New Changes That Make FHA Streamline Loans Even Better?
These home loans have been available for years. Unfortunately, recent increases to mortgage insurance (MI) premiums often wiped out the savings for those refinancing.
At least until now…
 New changes to the FHA Streamline program apply to those whose FHA-insured home loans were endorsed on or before May 31st, 2009.
In an effort to assist more San Francisco Bay Area homeowners with FHA mortgages to refinance at today’s incredibly interest rates FHA mortgage insurance rates were reduced, effective June 11th, 2012.
This new change alone means thousands of dollars in savings for most borrowers.
According to the FHA, based upon a $200,000 30 year mortgage with a loan-to-value higher than 95%, those who took out loans on or before May 31st, 2009, will now realize the following savings:
|
Before June 11th, 2012 |
After June 11th, 2012 |
| Mortgage Premium at Closing |
$3,500 |
$20 |
| Monthly MI Premium |
$208.33 |
$91.67 |
| Upfront MI Premium Percentage |
1.75% |
0.01% |
| Annual MI Premium Percentage |
1.25% |
0.55% |
*Guidelines may change so please check with us to determine the exact savings for your specific situation.
Additional guidelines for FHA streamline refinances state that:
- NO employment verification is required*
- NO income verification is required*
- NO credit score verification is required*
*IMPORTANT: These are FHA guidelines. Lenders may have their own guidelines called overlays, which may require all or some of these guidelines to be met.
Features & Benefits of San Francisco Bay Area FHA Streamline Mortgages
Why choose an FHA Streamline refinance?
In addition to incredibly low interest rates and massive savings over the life of your mortgage loan, streamlined refinances offer the following benefits:
- Low MI
- No appraisals required
- ‘No-cost’ refinancing possible
- Lower credit scores OK
- No loan balance increase to cover loan costs
- Can refinance even if ‘underwater’
Do You Qualify for an FHA Streamline Refinance?
Are you ready to start saving and lower your monthly housing payments so that you can get ahead and have more free cash in your hand each and every month from here on out?
San Francisco Bay Area FHA streamline refinances couldn’t be easier and less stress-free to qualify for, but in order to be eligible for the newest program updates you will need to have:
- FHA-insured loan was endorsed on or before May 31st,2009
- Must currently have a FHA loan
- Not refinanced within the last 6 months
- Not been more than 30 days late on your mortgage payments in the last 12 months
Note that while FHA itself requires no minimum credit scores or income or employment verification, most lenders do have their own additional criteria for these items.
More About FHA Streamline Eligibility Guidelines...
Find out how much you can save...
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