An FHA Streamline Refinance allows the refinance of your existing 1st mortgage. You don’t take any cash out with this program. Instead, you take out only what you owe. In exchange, lenders only require you to provide limited documentation. The streamline refinance process is often quicker than standard refinance loans. Lenders do less underwriting and require less documentation. The average lender takes between 2 and 4 weeks to close on the streamline loan. What is the FHA Streamline … [Read more...]
Should you Opt for a No-Cost FHA Streamline Refinance?
The FHA Streamline Refinance offers the chance to refinance with very little work. You don’t need income, asset, or credit verification. You don’t even need to re-appraise your home. What you do have to do, though, is pay closing costs. It’s the nature of the beast with any mortgage. Lenders are in business to make money. They make it off the interest they charge and the closing costs they collect. There is the option to secure a no-cost FHA streamline refinance. Does it make sense, … [Read more...]
Can I Switch Lenders With an FHA Streamline Refinance?
As an FHA loan holder, you have the option to do a streamline refinance. This means refinance with little verification. Your credit score and income don’t matter. The FHA only cares about your mortgage payment history. In fact, you can even owe more than your home is worth and qualify! It sounds too good to be true, right? It also sounds like you need to use the same lender. Luckily, you can switch lenders. You just need to transfer your FHA case number. The Benefits of Switching Lenders Many … [Read more...]
FHA Streamline Refinance on a Non-Owner Occupied Property
FHA loans are for owner-occupied properties. This is pretty common knowledge. What if we said you could use it on a non-owner occupied property? It is possible. You have to know the loopholes, though. The basic fact is FHA loans are for owner occupied properties. The FHA designed the program to help lower income families qualify for financing. It’s stated in their rules that you cannot use FHA financing for an investment or second home. However, you can use the FHA Streamline program for … [Read more...]
How to Qualify for the FHA Streamline With no Income Docs
You need income to qualify for a mortgage. What if your income isn’t very consistent? What if you changed jobs? Are you out of luck refinancing your FHA loan? The good news is you can still refinance. The even better news – you may not need to verify the money you make. The FHA Streamline makes this possible. What is the FHA Streamline? The FHA Streamline helps current FHA loan holders to secure a lower rate and/or payment. The program requires very little documentation. It’s a fast program … [Read more...]
What are the Common FHA Streamline Closing Costs?
Do you want a lower mortgage payment? You can get it with the FHA Streamline loan. You don’t need to verify your income or the value of your home. It can be done quickly and save you money. Some borrowers lower their interest rate. Others save with today’s lower mortgage insurance rates if their loan is from before 2015. Either way, you pay the FHA Streamline closing costs. Here we look at the costs and how you can minimize them. Understanding the FHA Streamline Costs Like most other … [Read more...]
Determine if a FHA Streamline is Worth it for You
The FHA Streamline loan offers many benefits. Not only can you refinance to lower your interest rate, but you can also do it without very much verification. The FHA does not require you to verify your income, the value of your home, or even your credit score. It almost sounds too good to be true! All you have to provide is proof of timely mortgage payments over the last 12 months. It sounds perfect, right? Before you jump in headfirst, there are a few things you should consider. First … [Read more...]
Eliminate Mortgage Insurance with the FHA Streamline
The FHA Streamline Refinance has many benefits. The most obvious is the chance to lower your payment without a credit check or appraisal. A benefit you may not be aware of though is the opportunity to eliminate mortgage insurance. The date of your refinance will determine if this is actually the case for you. If it is not, do not worry, there are still ways to get rid of this insurance, which often becomes lifetime insurance for some borrowers. What is the FHA Streamline? The FHA Streamline … [Read more...]
How Long Does FHA Streamline Refinance Underwriting Take?
The FHA Streamline Refinance is a great way to lower your interest rate or save money every month. The simple refinance program requires very little from you. Underwriting is not nearly as in-depth as it was for your original FHA loan. Of course, the loan still needs to go through the proper channels to get approval. So the big question is, how long does it take? Of course, there is no straightforward answer – it depends on the lender you use. Generally, you can expect between 3 and 6 weeks to … [Read more...]
How to Solve Your Most Common FHA Loan Approval Woes
An FHA loan is a commonly-sought mortgage program by potential borrowers who would like to get a home loan but have problems either with their credit score or getting enough money to pay the conventional down payment requirement. An FHA loan is one of the housing programs established by the government to aid a significant chunk of the borrower market who cannot get a conventional mortgage. Because many lenders shy away from the risk of these types of borrowers, the FHA stepped in to cover for … [Read more...]