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FHA Streamline Refinance

FHA streamline refinance loans are available for current FHA borrowers that need a lower mortgage payment and revised loan terms According to the Housing and Urban Development, FHA has permitted streamline refinances on insured mortgages since the early 1980's. The word "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company. It does not mean that there are no costs involved in the transaction. What this means is that the FHA Streamline Refinanceallows you to lower mortgage rates on your current home loan quickly and oftentimes without an appraisal. It also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced should be current (not delinquent).
  • The borrower must have opened the FHA loan prior to refinancing.
  • The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.
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FHA Mortgage Rates dropped below conforming rates in 2008, but with the economy and inflation concerns, interest rates will likely increase soon. Refinance today and get a fixed rate guarantee for thirty years.

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If you meet these requirements, and you have a current and timely 12-month mortgage payment history, there some options available with your FHA streamline refinance to help make your mortgage more affordable, including:

"No cost" mortgage refinancing - this option is a streamline refinance that incurs no out-of-pocket expenses to the borrower. But, you'll pay higher premium rate on the new loan. From this premium, your lender pays any closing costs that are incurred on the transaction.

No closing cost refinance - with this option, the closing costs are included in your FHA mortgage refinance. This can only be done if you have sufficient equity in your home, as determined by an appraisal.

Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed what is currently owed (i.e., closing costs are paid in cash and not added to the new mortgage).

Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal. So, closing costs cannot be included in the new mortgage amount.

If you have an adjustable rate FHA mortgage, now is a great time for a fixed rate refinance, and the FHA streamline loan makes it easy. Here are some of the reasons a FHA streamline refinance could be right for you:

  • Appraisal usually not required.
  • There's very little paperwork.
  • There's no credit check, income verification, employee verification or underwriting fee.
  • Easily increase or decrease the length of the term of your existing loan.
  • There are little or no out-of-pocket costs.

What if I don't have a FHA loan?

If you're not currently a FHA borrower, you cannot get the streamline loan. But, you can refinance with FHA. Increased loan limits allow you to get a great low rate on loan amounts up to $729,750 in some counties. You can even cash out and borrow 95% of your home's appraised value. This is a low interest and tax-deductible option to pay for home improvements, or pay off high rate credit card or other debt.

If you don't choose to get cash out, you can refinance home loans up to 97% of your home's value. Many sub-prime borrowers will qualify for an FHA loan. Credit scores in the high 500's can still get approved as long as you have a current and timely 12-month mortgage payment history.

Fill out the FHA loan quote at the top of this page to get started. We'll be in touch with you promptly.

 

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All FHA mortgage products are provided by FHA Home Loan Services, which may arrange loans with third party providers. FHA Home Loan Services is national mortgage lender. Not everyone will qualify for a government insured mortgage. FHA Home Loan Services cannot guarantee all loans will be made or whether all loan applications will be approved by the investing bank.
This is not a commitment for a FHA house loan or an advertisement for credit as defined by paragraph 226.24 of regulation Z.
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