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Have an FHA backed loan? Owe more than your home is worth? Could you benefit from a lower interest rate’s effect on your monthly payment? Would a refinance that had less stringent credit requirements, no appraisal and limited documentation to qualify you make it even more attractive? If you answered yes, FHA Streamline refinance rates today still are at or near historic lows.

Streamline Fha Refinance Pros And Cons

FHA Streamline Refinance with Closing Costs : It’s Important Who You Choose!

FHA loan mortgage refinance program is a specialty and we have been refining and perfecting the process to give you the greatest benefit from home equity line of credit for people with bad credit also.

  • No closing cost option available
  • No require appraisal required. Depreciated property value? No problem
  • Skip your next mortgage payment with this payment financed into your loan
  • Transfer of escrow accounts to your new loan
  • No ‘junk’ fees
  • Direct lenders eliminate all ‘middle-man’ fees

The FHA Streamline Mortgage Refinance Benefits

Many homeowners whose loans are backed by FHA can reap substantial advantages from FHA loan streamline refinancing including the following:

  • Home Re-Appraisal not usually a requirement
  • Income verification, employee verification, or underwriting fee is not required
  • Easy increase or decrease of the length of the term of the loan
  • Current low interest rates
  • Little or no out-of-pocket costs
  • Minimal Paperwork

What is an FHA Streamline Refinance : Qualifications

  • With Appraisal - The great advantage to an appraisal is that by going through this step you can acquire a no closing cost FHA refinance streamline program because all closing costs can be rolled back into the loan. This is only required if the new loan amount exceeds up 1.5% of the original.
  • With NO Appraisal - Though you save the cost of the appraisal with this approach, any closing costs which might be required are out of pocket and cannot be rolled into the loan.
fha streamline refinance qualifications

FHA Streamline Refinance Requirements: Property Eligibility

One of the most liberal eligibility requirements a refinance FHA streamline can be gotten for single family homes, condominiums, multi-family dwellings as well as owner occupied homes, second homes and investment property.

FHA Streamline Refinance Guidelines: Eligible Loan Programs

FHA allows the streamline FHA refinance mortgage program to refinance from:

  • Fixed rate to a new fixed rate.
  • ARM into a new adjustable rate mortgage.
  • Graduated Payment Mortgage (GPM) into an ARM.
  • GPM into a fixed rate.
  • 203k into a 203b. The 203b is an FHA insured mortgage loan.

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