This type of mortgage program is available to those whose current mortgage is fha insured. check your mortgage loan documents or your credit report to see if your loan meets this requirement. As its name implies, refinancing with an FHA Streamline is easier, but otherwise it is similar to ordinary mortgages.
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FHA Streamline loans are an excellent way to fast-track your refinance resulting in a shorter mortgage duration and even lower interest rates.
Refinancing an FHA loan involves getting new loan terms.. FHA's streamline refinance is a loan program with an expedited process for replacing a current.
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Unlike other mortgage refinance options, the fha streamline refinance program offers borrowers with an existing FHA mortgage a new FHA-insured home loan without requiring an appraisal or any documentation of income or assets.
An FHA streamline refinance makes it easy to refinance your mortgage to a lower mortgage rate without the need for an appraisal, many of which happen to come in low these days. In fact, if an appraisal is conducted and it’s not favorable, the FHA will even allow lenders to ignore it and set it aside.
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On a standard FHA or conventional refinance loan, your lender orders an appraisal to ensure that your home’s value exceeds the loan amount. With a streamline refinance mortgage, the lender uses the same appraisal that you used when you first financed the home. This means you can refinance even if your home’s value has plummeted since you bought it.
What is an FHA streamline refinance? It is a unique program for homeowners who have a Federal Housing Administration (FHA) loan and want to refinance. An FHA streamline refinance program is easier than a traditional refinance because borrowers aren’t required to verify income and assets.
There is another Streamline product made for those who want a refinancing plan to help them modify or improve the home. This is known as an FHA Streamline 203(k) Loan. The 203(k) is similar to ordinary Streamline loans with a few exceptions. The 203(k) has a minimum of $5,000.