FHA Streamline Refinance

The FHA has made a rate reduction program called the Streamline Refinance. This provides a way for current FHA homeowners to lower their interest rate with small or no out-of-pocket costs. These loans can also be made quicker and with less documentation than a typical loan.

“No Cost” Streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan.

How FHA Streamline Refinance work :
• Borrower’s original loan must already be an FHA insured loan.
• The refinance must lower the principal and interest payments of the previous mortgage payment.
• The mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. Borrower must have had the FHA mortgage for 6 months.
• Borrower cannot receive any cash back.
• No income or employment verification – No pay stubs or W-2 forms – No termite report.
• Appraisal only required if rolling in the closing costs. Streamlines without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium, plus the new upfront MIP if it is to be financed in the mortgage.
• Any other liens must be subordinated to the FHA loan.
• Borrower must be up-to-date on any federal debts.

Related FHA and HUD Posts

Tags: federal debts, fha insured loan, fha lenders, fha loan, FHA Mortgage, FHA Refinance, FHA Refinance Loans, fha refinance mortgage, fha streamline refinance, no cost streamlines

This entry was posted on Monday, December 22nd, 2008 at 5:34 pm and is filed under FHA Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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One Response to “FHA Streamline Refinance”

WARNING: FHA 203K right here! FHA 203k Tips & Guide! | FHA Loan Rates says:

March 2, 2009 at 2:01 am

[...] FHA 203K Streamline Refinance Loan is an FHA refinancing program that allows you who buy a house or having a house that is in need of [...]

Tags: federal debts, fha insured loan, fha lenders, fha loan, FHA Mortgage, FHA Refinance Loans, fha refinance mortgage, fha streamline refinance, no cost streamlines,

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