FHA Streamline Refinance
Many people are gravitating toward the FHA streamline refinance option that exists today if you currently have an FHA home loan. The ease and speed with which an FHA streamline refinance can be done has attracted many current borrowers. Interest rates are at historic lows, making this an easy, pain free option. The term streamline refers to the lower documentation and underwriting requirements from the lender. The basic requirements for an FHA streamline refinance, to be eligible for an FHA streamline –
- The mortgage must be an FHA loan, or insured by the FHA.
- The refinance must result in a lowering of the current monthly payment as it relates to principal and interest. Converting an (ARM) adjustable rate mortgage to a fixed rate mortgage can be an exception and is taken many times on a case by case basis. The goal being to help the borrower.
- The loan on the FHA must be current, the borrower may not be late or delinquent on payments.
- No cash may be taken out in an FHA streamline refinance.
FHA does not allow closing costs to be included in an FHA streamline refinance, but lenders can charge a slightly higher interest rate, absorbing the cost of the refinance that way.
FHA STREAMLINE REFINANCE – Lower interest rates, lower credit score requirements, low cost, fast and easy – get started today!