Streamline Refinance for Low Rates on VA & FHA
The term "streamline refinance" typically refers to specific VA and FHA loan programs that waive the appraisal and income documentation requirements when refinancing for a lower interest rate. The streamline refinance has become the most versatile refinance option for the VA and FHA loan programs. Homeowners like VA and FHA streamline loans because they enable borrowers to overcome obstacles like equity, income documentation and credit scores. Streamline refinance loans are for straight rate refinancing which means that borrowers cannot get cash out or consolidate debt with the streamline programs. The President just announced reduced fees for distressed homeowners under the FHA streamline refinance program. That means that eligible underwater homeowners now can do a streamline refinance with no appraisal required.
Streamline Refinance & Lock into a Low Fixed Rate
Choose from several streamline refinance options:
Both streamline loans enable homeowners to reduce their interest rate without needing an appraisal. Both FHA and VA streamline loans are offered to borrowers who currently have a FHA or VA home loan. Take advantage of this automated government loan that requires less paperwork and fees to refinance.
FHA Streamline Refinance - The FHA streamline loan has become a very popular program for borrowers who presently have an FHA mortgage. Homeowners like the ability to refinance their FHA mortgage at any time and that is what the streamline loan allows. HUD revised the guidelines recently as now they do not allow borrowers to finance closing costs into their FHA streamline refinance. Now FHA borrowers must come out of pocket at the closing table to pay for the refinance costs or qualify for a no cost refinance that pays for the lending costs.
Streamline Loans Require No Equity so Refinance for Lower Rates Now!
VA Streamline Refinance - Active military and veterans love the streamline loan for many reasons. VA borrowers do not need to pay for an appraisal and equity is usually no issue because no value is determined with an appraisal. This fact has helped many borrowers with underwater mortgage loans qualify for a low rate refinance.
Streamline Refinance Loans Require No Income Documentation
Take advantage of the fact that streamline refinance loans do not require income documentation. Yes the streamline lender will verify your employment, but not the income. In some cases this helps borrowers overcome debt to income ratio issues with the streamline refinance.
|Nationwide Helping People
After getting the "run around" from our loan company, we tied Nationwide and were pleasantly surprised. They helped get our paperwork in line for a streamline refinance that saved us money.
- Tammie H., Atlanta, GA
Thanks for helping us get a great a better interest rate without the hassles.
We qualified for a streamline loan that saved us nearly $3,000 a year!
- Tom D., Portland, OR
- Jennifer K., Springfield, MA