If you hold an FHA mortgage now, you have the option of refinancing with the fha streamline refinance program. This popular refinance program can make a lot of sense in certain situations, especially for those who are locked into an interest rate that is considerably higher than current rates.
FHA Streamline Refinance Sometimes It Pays to Refinance. The FHA Streamline Refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly. Avoiding a lot of paperwork, and often without an appraisal, the Streamline option saves borrowers time and money.
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APPENDIX 1.0 – mortgage insurance premiums upfront mortgage Insurance Premium (UFMIP) All mortgages: 175 basis points (bps) (1.75%) of the base loan amount. exceptions: streamline Refinance and simple refinance mortgages used to refinance a previous FHA-endorsed mortgage on or before May 31, 2009 Hawaiian Home Lands (Section 247)
An FHA Streamline is primarily for lowering your interest rate, so the amount of cash you can get out of your home from refinancing is limited to $500. Call (800) 251-9080 or fill out this form to apply for an FHA Streamline.
Another big plus is that FHA mortgage rates are the same in the FHA Streamline Refinance as with a "regular" FHA loan. There’s no penalty for being underwater, or for having very little equity.
The FHA streamline refi requires: >> No new verifications of your income or. If you qualify for the new streamlined plan, you could lower your interest rate to 3.875 percent and your monthly.
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NerdWallet has considered some of the largest FHA streamline refinance lenders in the nation to provide you a shortlist of the best in several categories.
If your FHA mortgage is current and at least six months old, you can afford closing costs and refinancing would reduce your term or rate, Streamline is for you. Hal M. Bundrick, CFP Jan. 27, 2017
"Streamline refinance" refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are: The mortgage to be refinanced must already be FHA insured.