The FHA streamline refinance program was designed to allow eligible FHA borrowers to take advantage of lower interest rates when they are available without having to completely re-qualify for a new loan. Many people who currently have an FHA loan also have a second mortgage on their home and the second mortgage is not insured by FHA.

FHA Streamline Refinance: Can You Streamline Your Second Mortgage?

When doing an FHA streamline refinance on your first mortgage, if you have a second mortgage, the second mortgage is not eligible for the FHA streamline refinance program. FHA doesn’t insure second mortgages, so your second mortgage is not FHA insured – thus, it is not eligible for the FHA streamline progam.

When you participate in the FHA streamline refinance program and you have a second mortgage, the lender of your second mortgage must agree to subordinate the second mortgage – meaning they have to agree to remain in 2nd position while you refinance the first mortgage.

It is getting more difficult to get lenders who are holding second mortgages to allow people to refinance their first with the FHA streamline refinance program, but it is not impossible. Each situation is different – you cannot get an answer on your situation until you speak with the holder of your second mortgage.

When considering an FHA streamline refinance, it is important that you work with FHA streamline refinance experts and you can reach an FHA streamline refinance expert directly at 888-448-2669.

Many people who are currently in an FHA loan are considering what is possible regarding an FHA streamline refinance. They are being told all kinds of things (I know because they are telling me what others are telling them…) and want to speak with someone who is an expert about the FHA streamline refinance program.

FHA Streamline Refinance: What You Need To Know

The FHA streamline refinance program is designed to allow eligible FHA borrowers to lower their interest rate with the easiest possible documentation standards. There is no income verification, no asset verification and no credit check. That said, not everyone who is currently in an FHA loan will qualify for an FHA streamline refinance.

FHA Streamline Refinance: How To Qualify

There are 3 main criteria to qualify for the FHA streamline refinance program.  First, you must live in the property (no investment properties allowed). Second, you can’t have more than 2 thirty day late payments on your mortgage in the last 12 months. Third, FHA won’t let you participate in the FHA streamline refinance program unless it makes financial sense for you – or in other words, the benefits need to outweigh the costs.

If you think you meet these 3 criteria and are in a higher-than-market interest rate, it is worth your time to speak with someone who is an expert in the FHA streamline refinance program. You can also call us directly at 888-448-2669.

With the FHA streamline refinance, there is no income verification.  You are able to participate in the FHA streamline refinance program as long as  you meet 3 criteria.  First, you must live in the property – the FHA streamline refinance program doesn’t allow investment properties or second homes. Second, you can’t have more than 2 thirty day late payments on your mortgage in the last 12 months. FHA wants to make sure that you have a good payment history. Third, FHA won’t let you participate in the FHA streamline refinance program unless it financially benefits you and you can pass a net tangible benefit calculation worksheet calculation.

The FHA streamline refinance program is designed to allow people who are currently in an FHA loan to take advantage of lower interest rates when they are available assuming that they can qualify.  There is no income verification with the FHA streamline refinance program, no asset verification and sometimes no appraisal required.

If you are currently in an FHA loan and think that you might qualify for the FHA streamline program and would like to know more, be sure to contact a loan officer who is an expert how the FHA streamline refinance program works.  An FHA streamline refinance expert can help you determine if you will qualify for the program, help you calculate what your new payment will be if you go through with the program and explain in “plain english” how the program works.

Where do you find a loan officer who is an expert in the FHA streamline refinance program? Simply call 888.448.2669 to speak with an FHA streamline expert today!

Now is a great time to take advantage of the FHA streamline refinance program because interest rates are probably significantly lower than they were when you took out your FHA loan.

In an FHA streamline refinance, when can you lock your interest rate?

Every lender is different, but in general, you must have completed the FHA streamline refinance application and provided the required documentation that you can indeed qualify. The application process usually involves meeting with a loan officer and completing the initial disclosures and typically takes about 30 minutes to an hour.  This initial meeting can be done over the phone and does not have to be done in person.

In an FHA streamline refinance, how long is my lock good for?

When you lock your loan for an FHA streamline refinance, typically you will lock it for 30 days. You may also lock it for 15 or 45 or even 60 days – so be sure that you the difference in cost to lock for each of these. Because so many people are trying to do an FHA streamline refinance right now, the lenders turn times are a little slower than normal – so I would recommend locking for *at least* 30 days.

When you lock for an FHA streamline refinance, it means that you are “locked”.

Once your rate is locked for an FHA streamline refinance, your rate is “locked” and won’t move – meaning, it won’t go up or down.  It is possible to extend the lock as needed for a few days if you need a little more time to get the transaction done — but there is a cost to extend and the cost varies by period and lender.

Sometimes with an FHA streamline refinance, sometimes lock periods and the lock process can be confusing because it varies from lender to lender. With an FHA streamline refinance, many times, each lender will have a slight variation to the process, so it is in your best interest to ask the question up front and know exactly how the lock process goes.

Have questions about the FHA streamline refinance program? Speak to one of our FHA streamline experts at 888.448.2669 today!

Do all banks offer the FHA streamline refinance program?

Kind of.

As you probably already know, FHA doesn’t actually lend you money, FHA just insures your loan.  So FHA has set up a group of approved mortgagees to administer the FHA streamline refinance program. To find out if a lender is FHA approved and approved to administer the FHA streamline refinance program, you can visit www.hud.gov and search by company name.

Not all companies are FHA approved, and it is very important that you pick a mortgage lender that is FHA approved when thinking about the FHA streamline refinance program. To find a lender that is not only FHA approved, but also FHA streamline refinance experts, make sure you visit www.fharefinancestreamline.com or just call 888.448.2669 to speak with an expert about the FHA streamline refinance program.

Remember – not everyone qualifies for the FHA refinance streamline program, so make sure that you have your pen and paper out when you call — you will need to do a little bit of research when you call to find out if you are eligible for the FHA streamline refinance program.

Many people who are interested in an FHA streamline refinance wonder what is involved and how long it takes to complete the refinance and get a new FHA loan.  Depending on which lender you choose, times may vary – from anywhere between 2 and 6 weeks.

The process of the FHA streamline refinance is relatively simple. First, in order to qualify for an FHA streamline refinance, you need to have been on time with your mortgage payment for the last 12 months and live in your home. Once you qualify for the program, you will need to sign the initial paperwork and provide proof of identity.  For the FHA streamline refinance program, you will also need to provide a copy of your current mortgage statement or a copy of your current note.

Once the initial paperwork for the FHA streamline refinance is signed, you can then lock-in your interest rate and the paperwork is processed and sent to underwriting.  Once your FHA streamline paperwork is in underwriting, you should expect it to take about 2 weeks after that until you are ready to sign the final paperwork.

Signing the final paperwork usually takes about an hour and can be done with a mobile notary service in your home or at a title company. Once you have signed the intial paperwork, you then have a 3 day waiting period before your loan funds and your FHA streamline refinance is complete.

Make sure you work with experts who know the FHA streamline refinance program and can help you answer any questions that you may have about the program.  The best way to contact an FHA streamline refinance expert? Call 888.448.2669 and an FHA streamline refinance expert will be happy to answer your questions.

With the FHA streamline program, there are several benefits if you are eligible.  In order to be eligible for the FHA streamline program, you need to currently be in an FHA loan, live in your home and have made your mortgage payment on time for the last 12 months.

If you can qualify for the FHA streamline program, the benefits include getting a lower monthly payment, deferring a monthly payment and putting yourself in an overall better financial situation.

There are costs involved with the FHA streamline program, but they can either be rolled into your loan or paid by your lender in exchange for a higher interest rate. This is also known as the FHA streamline program with no out of pocket closing costs or the FHA streamline program with no closing costs.

Most often, when a person participates in the FHA streamline program, they will still be in a FHA 30 year fixed rate loan with an interest rate that is lower than what they had before.  Often this reduced interest rate can mean hundreds of dollars of savings each month in interest. Obviously, the FHA streamline program is popular only when interest rates have fallen to the point where it makes sense for people to streamline.

Can the FHA streamline program benefit you? Contact an FHA streamline program expert today to find out. 888.448.2669