The FHA streamline refinance program helps current FHA homeowners lower their interest rate and monthly payment – it’s a fast and cost-effective way to refinance with lenient documentation requirements and credit standards. To further entice FHA mortgage holders, the FHA also offers) refunds.
The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.
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The FHA Streamline Refinance program allows homeowners with current FHA-insured mortgage loans to refinance at lower payment rates. This process needs minimal verification. homeowners can qualify without proof of income, assets or employment.
Following its announcement, the government introduced a new refinance structure that allows borrowers to streamline refinance an existing FHA loan at a dramatically lower cost. The Up-front Mortgage Insurance Premium fee is slashed to the lowest amount allowed by FHA, which is .01 percent.
The FHA streamline refinance lets you refinance your current FHA loan without all of the paperwork. You don’t have to prove that you have a certain credit score or that your debt ratio is a certain number. The FHA allows lenders to use the original qualifying factors to approve borrowers for this loan.
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An FHA streamline refinance pays off an existing FHA-insured mortgage. The selling point is its limited loan underwriting and minimal documentation requirements. Since you met the standards for an FHA loan already when you took out your first mortgage, FHA streamline refinancing places less scrutiny when you refinance.
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Let's take a look at both mortgage types to help you decide what's right for you.. My neighbor refinanced with an FHA loan, should I get that type of loan, too? If you are a.. you have a stable work history to encourage lenders to work with you.. fha streamline refinance loans traditionally require less.
· For an FHA Streamline Refinance that replaces a loan endorsed prior to June 1, 2009, the new FHA mortgage’s upfront mortgage insurance is equal.