FHA Streamline Refinance Loans
FHA created the streamline programs to reward their customers that have made timely payments every month on their FHA loan with a quick and affordable refinance option. The FHA streamline was created to make refinancing easier so that borrowers are not required to jump through the normal time consuming hoops when refinancing through traditional measures. The FHA streamline loan is a rate and term mortgage refinance with no cash out allowed. According to the Wall Street Journal, the FHA streamline is the most qualified refinance option for borrowers that presently have a lien insured by the U.S. government. You get a free FHA streamline refinance quote today from a licensed loan officer when you complete the form below.
No Appraisal and No Income Documentation with the FHA Streamline*
Low Cost Loans with FHA Streamline Refinancing
FHA streamlines are very popular with FHA borrowers whenever the interest rates see significant movement. Last year was a great year for FHA streamline refinancing because the Fed lowered the mortgage rates to record marks. In 2012 HUD revised the streamline guidelines, so if a borrower wants to do a streamline refinance they will need to pay for the lender fees out of their pocket or find a lender to pay for their closing costs. HUD no longer allows borrowers to finance closing costs into the FHA streamline.
Streamline Refinance Rates from FHA Have Never Been Lower!
Nationwide is a FHA streamline lender that can help Americans who have a loan that is government insured to achieve a lower interest rate. FHA streamline loans make refinancing an existing FHA loan quick and painless. The borrower gets a better interest rate or reduced loan terms that eliminate years paying back the mortgage. It's no secret that FHA's popularity has reached new heights with homeowners with less than perfect credit can qualify for a competitive mortgage rate. The streamline home loans require very little paperwork, so refinancing is a breeze. Take advantage of discounted FHA rates only available for streamline mortgage customers who can document consistent good loan payments for at least 12 months on their current FHA home mortgage.
Streamline your FHA mortgage refinance loan with lower payments and better interest rates and terms.
Streamline Refinancing is a convenient way to minimize loan costs and reduce the mortgage rate for your monthly 1st mortgage payment. The FHA Streamline program is an excellent way for existing homeowners to reduce their monthly payments on existing FHA loans. Many people do not realize that the streamline is one of the last available bad-credit refinance options.
Good Read > When FHA Streamline Makes Sense for Mortgage Refinancing
The FHA streamline refinance loan enables you to include the closing costs into the new mortgage loan. This is allowed if the property has sufficient equity, or the lender approves a streamline loan which may not require an appraisal. In most cases, the FHA streamline loan offers the best rate with reduced fees. The no cost mortgage refinance loan offers borrowers the option of paying no fees or loan expenses. The streamline option requires no appraisal, and the new mortgage amount cannot exceed the existing loan balance. The lender pays the closing cost. No appraisal is needed for investment properties in which the borrower does not reside.
One of the critical equations for qualifying is that the current loan must be a FHA loan that is current with no late payments being reported on your credit report. Borrowers must wait at least 6 months before utilizing the FHA streamline program. The other determining factor is that the new loan must benefit the borrower with lower the borrower's interest rate and reduced monthly payments. Cash back is not allowed with the FHA streamline refinance loan program.
Analyze the benefits of streamline loans. Our calculator will help streamline mortgage payments when considering a refinance loan with your budget. Get help calculating the monthly loan payment and discover the net interest savings. Our mortgage calculators also calculate how many months it will take to get a return on investments for the home loan costs.
Best Time to Refinance
How to Refinance a Mortgage
When to Refinance a Home
Good FHA Mortgage Articles
When FHA Streamline Makes Sense for Mortgage Refinancing - With so many homeowners underwater, the streamline refinance makes more sense than ever before, because the underwriters continue to waive appraisal requirements under the streamline program.
Conventional & FHA Mortgage Rates Drop - With the Federal Reserve committing to QE3, we were blessed with the lowest interest rates in a generation. FHA streamline rates have dipped to 3.25% on thirty year terms, so you can imagine how busy lenders are now processing refinance requests.
FHA Loans with Cash Out Refinancing - Getting access to money with interest rates below 4% is a genuine opportunity for investments.
In a recent FHA letter, "HUD released policy changes to address risk while bolstering reserves."
The latest guidelines attest that some new borrowers will be required to have a minimum credit score of 580 if they want to be eligible for the popular 3.5% down payment program.
First time home buyers with less than a 580 credit scores may be asked to come up with a 5 to 10% down-payment. Please keep in mind that the minimum credit score under this program remains 500.
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FHA Planning to Reduce Costs on Streamline Program -
If you have a loan that is insured by the Federal Housing Administration, you may be excited to learn that one of the FHA streamline programs is promising reduced lending fees when refinancing.