The news has been filled with an amazing variety of good and bad about the real estate industry lately. There has even been some information about Foreclosures and even FHA home loans which may not have been correct as advertised but here is some news that has not changed: If you have an existing FHA home loan you can use the FHA refinance streamline to refinance your existing FHA home loan anywhere in the United States. Not every lender provides FHA refinance streamline services so make sure you are speaking with an FHA refinance streamline specialist.
To FHA refinance streamline all you need is an existing FHA home loan and to not have been late on any home loan payments within the last 12 months. It is simple to pre-qualify for the program. Even if your existing FHA home loan payoff amount is higher than the current appraisal value on your home you can still use the FHA refinance streamline because in certain instances you will not need a new home appraisal. In other words you have the opportunity to FHA refinance streamline with no new home appraisal.
Benefits of the FHA Refinance Streamline Program
- Appraisal usually not required
- Very little paperwork
- No credit check, income verification, employee verification, or underwriting fee
- Easily increase or decrease the length of the term of your existing loan
- Take advantage of current low interest rates
- Little or no out-of-pocket costs
The FHA Refinance Streamline program is a government program and has been around since the early 1980's. The word "streamline" refers to the amount of documentation that is required by the underwriter, not that there are no costs involved.
In order to qualify for an FHA Refinance Streamline Program
- You must currently have an FHA insured mortgage.
- You can't have more than 2 30 day late payments in the last 12 months and must be current.
- The refinance results in a lowering of the borrower's monthly principal and interest payments. No cash may be taken out on mortgages refinanced using the FHA Streamline Refinance process.
The costs on the FHA refinance streamline program can be rolled into the loan - meaning that you will have no out-of-pocket costs if you have enough equity in your property as determined by an FHA appraisal.
There is also a no-appraisal option that can be done without an appraisal, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either being paid in cash or through the premium rate as described above.
Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount.
You can continue to scour the internet and find bits and pieces of information but until you actually speak with an experienced FHA refinance streamline specialist you are not getting the correct information specific to your exact needs so call an FHA refinance streamline specialist today about this fast and easy program.
The best time to call an FHA refinance streamline specialist is now!
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