New Mexico FHA Streamline Refinance Program

New Mexico FHA Streamline Refinance Program

If you have taken out an FHA loan in the last few years, you may be wondering if the New Mexico FHA streamline refinance program is right for you. Depending on when you took out your FHA loan, you may be able to do a New Mexico FHA streamline refinance and get a lower interest rate without having to completely qualify for a new FHA loan.

As an additional benefit to the New Mexico FHA streamline refinance program, you may also be able to defer one month’s mortgage payment when you participate in the New Mexico FHA streamline refinance program.

New Mexico FHA Streamline Refinance Qualifications

Many people want to take advantage of the New Mexico FHA streamline refinance program just to defer a monthly payment, but FHA won’t allow it unless you meet these three criteria:

  1. You must occupy the property as your primary residence (no investment properties allowed)
  2. You can’t have more than two 30-day late payments on your mortgage in the last 12 months
  3. You can’t participate in the California FHA streamline refinance program unless the benefits outweigh the costs

New Mexico FHA Streamline Refinance Benefits

  • Lower monthly payment
  • No-hassle paperwork
  • Don’t have to re-qualify for a new loan
  • FHA 30 year fixed rates
  • Deferred monthly payment
  • Escrow refund

If you meet all three of these criteria, the next step is to speak with a loan officer who is an expert in the New Mexico FHA streamline refinance program that can help you qualify for the program and complete the required paperwork. You can get a list of New Mexico FHA streamline refinance program experts or you can simply call 888.448.2669.

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