In such a scenario, a consumer can refinance that loan under the FHA streamline refinance program. What consumers should be aware of is that in recent years, FHA has increased their mortgage insurance.
FHA streamline refinance loans offer you a way to lower your housing expenses. You can only refinance a fixed-rate FHA loan with a streamline refinance mortgage if the new loan means a reduction in your monthly principal and interest payments.
FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages into today’s mortgage rates. The fha streamline refinance program’s defining characteristic is that it does not require a home appraisal. The FHA offers streamline refinances on existing FHA Mortgages. The term "streamline" refers to the amount of documentation required.
The FHA Streamline Benefits Program. As we mentioned above, the FHA’s streamlined refinance program is a benefit for individuals who have an FHA loan who want to refinance to another FHA loan. The “streamline” refers to the fact that there’s not as much documentation required from borrowers which helps speed up the underwriting process.
Mortgage banker: Ty Cabalsi, Impac Mortgage, (925) 400-7570, www.speakwithty.com. property type: single-family residence. loan type: 30-year fixed, no-cost FHA streamline refinance. Loan amount:.
Home Interest Rates 15 Year Fixed Lower Interest Rates Failed to Raise New Mortgage Applications Last Week – It’s worth watching if ongoing global trade disputes lead to increased anxiety about the economy, which could cause some potential homebuyers to put off their home. interest rate for a 15.
BACKGROUND AND PURPOSE. The Streamline Refinance program allows FHA – approved lenders to refinance current FHA-insured loans to a lower interest.
Generally, FHA streamline refinances are the easiest way for people with FHA-guaranteed mortgages to refinance at today’s low interest rates. One of the most key factors about this type of refinance is that it allows the owner to use their original purchase price as the current value of the home, no matter what the home is worth on today’s market.
2) Mortgage Note – Current FHA Loan (Usually located in your closing documents of your current loan closing package from the title company). 3) Copy of your current mortgage statement . 4) Copy of Drivers License or Government issued ID – (Must be clear & legible – take a picture with your phone or scan)
FHA SIMPLE VS. STREAMLINE REFINANCE COMPARISON FHA Simple Refinance FHA to FHA only Must have an appraisal Nationwide county loan limits apply Subordinate financing subject to county loan limits Max LTV/CLTV: o 97.75 principal residence o 85% for.