January 4th, 2018 7:12 AM by Jackie A. Graves
FHA Streamline Refinance program is a special refinance program for people who
have a Federal Housing Administration (FHA) loan. It is the simplest and
easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA
Streamline Refinance allows a borrower to refinance without having to verify
their income and assets.
appraisal might not be required either depending on how much you have paid on
your original loan balance. One of the most advantageous aspects of this
program is that it allows for an unlimited loan-to-value ratio. Therefore, if
you are severely underwater you still may be able to take advantage of record
low mortgage rates by refinancing with an FHA streamline.
advantage of doing an FHA
Streamline Refinance with an appraisal is that you are able to
roll your closing costs into the loan. You are only required to have an
appraisal if your new loan amount exceeds your original loan amount by 1.5
you do an FHA Streamline Refinance without an appraisal you are not able to
roll your closing costs into the loan. Hence, you will need to be prepared to
pay your closing costs out of pocket or talk to your lender about whether they
can cover your closing costs in exchange for paying a higher interest rate.
encourage you to shop around for the most competitive mortgage rates and fees
for an FHA Streamline Refinance. Make sure to check with your current
servicer and Zillow,
the only comparison shopping site for FHA Streamline Refinance loans for
To view the original