The FHA has created a rate reduction program called the Streamline Refinance. This
provides a way for current FHA homeowners to lower their interest rate with little
or no out-of-pocket costs. These loans can also be made faster and with less documentation
than a typical loan.
"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses.
One option is to let the lender pay the costs in exchange for a higher interest rate.
Another option that lets you obtain market rates is to roll the closing costs
into the new loan.
All FHA cash-out refinancing with case numbers assigned after April 1, 2009 will have the loan-to-value or LTV limited to 85% of the appraised value of the home. That eliminates the 95% LTV cash out refinancing loans guaranteed by the FHA previously.
The FHA offers several refinancing options. There are FHA insured refinancing loans for those who want to get out of conventional mortgages, plus the HOPE for Homeowners program which is designed to assist borrowers who are in toxic debt because of out-of-control interest rates.
FHA Streamline refinancing is an excellent way to lower your mortgage payments on an existing FHA loan. You must have an FHA loan which is current-no late payments or delinquency notices for at least a year.
FHA Streamline loans are designed to help homeowners lower their monthly mortgage payments and interest rates. Did you know you can apply for an FHA Streamline refinancing loan to do repairs, modifications or upgrades to your home?
Applying for an FHA Streamline loan is faster and easier than other refinancing products, but there are some dos and don'ts to consider. You won't be required to show your tax returns or other proof of actual income, and there's no face-to-face meeting required with the lender.
When you decide to apply for an FHA Refinance loan, there are several questions you'll need to answer to set the approval process in motion. Some questions are about planning issues, others are directly related to whether or not an FHA Refinance loan is for you.
FHALoan is a private corporation, is not a government agency, and does not make loans.
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