If you have an FHA loan now, but it’s an ARM, you probably worry what will happen when it adjusts. Why wait to find out? You can refinance your loan with the simple FHA Streamline program. The FHA Streamline program requires very little verification yet is a robust program for those with a current FHA loan. Get Matched with a Lender, Click Here. Keep reading to learn the benefits of this loan program and how you can apply. What is the FHA Streamline Loan? First, let’s look at the FHA … [Read more...]
Should you Use a Streamline FHA Refinance to Remove MIP?
Mortgage insurance is a big part of the FHA program. When you took out your FHA loan, you paid an upfront mortgage insurance premium. You also pay the MIP each month with your mortgage payment. What if you want to remove MIP? Is it possible? If so, should you do so with the FHA Streamline Program? Compare Offers from Several Mortgage Lenders. The answer is two-fold. Yes, you can remove mortgage insurance premium, but you cannot do it with the streamline program. If you were to refinance … [Read more...]
Do you Need a Home Inspection for an FHA Streamline Refinance?
Refinancing without any verification of your credit, income, or the value of your home is possible with the FHA Streamline Refinance. All the FHA requires is a net tangible benefit for the refinance. What about an inspection, though? Does the FHA require it for the streamline refinance? Looking for Current Mortgage Interest Rates? Click Here. Luckily, the answer is ‘no.’ The FHA does not require an inspection or an appraisal for the streamline process. Why you Don’t Need an … [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...]
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...]
Are You Entitled to an UFMIP Refund When Streamline Refinancing?
The FHA said the upfront portion of the mortgage insurance premium (UFMIP) paid is not refundable. But there is an exception to this rule: when you refinance into another FHA mortgage. This UFMIP refund is very beneficial because it reduces the UFMIP on your new loan, lowering your base loan amount and your monthly payment in turn. Get help with your mortgage refinance.» UFMIP Refund When Refinancing If you are an existing FHA homeowner and refinancing into another FHA loan through a … [Read more...]
Is an FHA Cash-Out Refinance Possible?
We all know that it is possible to refinance through FHA. What we’d like to know is if a cash-out refinance is allowed. Is it possible to turn a part of your equity into cash through FHA refinance? There are two types of FHA Refinance: through (1) FHA Streamline Refinance, and through (2) FHA Cash-out Refinance. So, the answer is a definite yes. FHA Streamline Refinance is HUD’s way to make refinancing quicker by waiving off certain documentation requirements. This program helps decrease the … [Read more...]
FHA Streamline Refinance’s Credit and Non-Credit Qualifying Options
The FHA Streamline Refinance does away with the usual voluminous documentation accompanying any refinancing transaction. And this streamline refinance program comes in two options: credit and non-credit qualifying. Let’s find out about their differences and similarities, and their overall implication to you should you choose either option. Do you qualify for an FHA streamline refinance?» Credit and Non-Credit Qualifying Guidelines Definition Non-Credit Qualifying This option does not … [Read more...]
Is an FHA Streamline Refinance Loan the Right Choice for You?
Buying a house is a big step. For many, that first home is the realization of a dream. It requires much thought primarily because it involves a lot of money. If you need financing to afford a home, that means making a long-term commitment to pay off the sum you borrowed. For most loan types, that’s a good 30 years down the road. Fortunately, some loan programs administered by federal agencies account for positive changes in a borrower’s financial status. In this article, we’ll be putting the … [Read more...]
FHA Streamline Refinance: Loan Program Information
FEATURED IN THIS ARTICLE: What is an FHA Streamline Refinance? What are the Qualifications? Using an FHA Streamline with or without an Appraisal FHA Streamline Refinance Quotes What is an FHA Streamline Refinance? The FHA Streamline Refinance Program is a home loan program designed specifically for borrowers who already have an FHA Mortgage Loan. It is known to be one of the easiest ways to refinance your FHA Mortgage. Unlike other traditional refinancing options, an FHA … [Read more...]