FHA Streamline Refinance
An FHA streamline refinance will lower your monthly payment and there is a simple low cost "FHA Streamline" refinance process which you should consider. If your FHA streamline refinance transaction is simply paying off the loan with a new one at a lower rate you will qualify for an "FHA Streamline Refinance without Appraisal". With the FHA Streamline refinance, there is no requirement for either an appraisal to prove value or for any credit evaluation. This approach will save you a lot in fees and from having to requalify from a credit perspective, you must reestablish your escrow accounts at settlement. Please understand that while we will not escrow more for taxes and insurance than your current lender and your current lender is required to refund your escrow balance in full, the process takes about 30 days. So you have to come to your FHA streamline refinance settlement with enough cash to establish the escrow account with a similar amount of money refunded by your current lender after settlement on your FHA streamline refinance. Please email me with any specific questions about an FHA Streamline RefinanceFHA has permitted streamline refinance loans on insured mortgages since the 1980's. The streamline refinance refers to the amount of documentation and underwriting that needs to be performed by the lender.
The basic requirements of an FHA streamline refinance without appraisal are:
Another option is the "FHA Streamline Refinance with an Appraisal". This program is designed for people taking cash out or who want to add the escrow account to their loan balance (the escrow account refund from your current lender is yours to use as you see fit). In this case we do need to appraise the property to determine value and you will need to requalify for the loan.
The basic requirements of an FHA streamline refinance with appraisal are the same as without an appraisal but we are able to finance all of your closing costs.
There are certain situations when an FHA Streamline refinance does require credit qualification. In these situations, we will require verification of employment, assets, and credit profile.
These are one of the easiest and least expensive loans available. If your interest rate is above the current market, give me a call to find out how much this program can save you.
Read more about FHA Streamline Refinance Closing Costs
Calculate your FHA Streamline Refinance "Payback Period" to verify this makes sense in your specific situation.
Learn more about debt consolidation
Learn more about improving your credit scores
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