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.
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 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?
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.advance