FHA Refinance Loans
FHA Streamline Loans with Less Documentation
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.
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.