What Is FHA Streamline Refinance And How Does It Work? – New Florida Mortgage

The FHA Streamline Refinance program allows homeowners with current FHA-insured mortgage loans to refinance at lower payment rates. This process needs minimal verification. homeowners can qualify without proof of income, assets or employment.

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In a FHA streamline refinance transaction, you home isn’t subject to an appraisal and there is no income, credit score or employment verification. In essence, all you’re doing is swapping in a new interest rate, resetting the loan term and applying new the new mortgage insurance premium (MIP) structure.

If your FHA mortgage is current and at least six months old, you can afford closing costs and refinancing would reduce your term or rate, Streamline is for you. Hal M. Bundrick, CFP Jan. 27, 2017

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The FHA non-credit qualifying streamline refinancing does not require employment, income, or credit verification-even home equity is not required. How Do I Qualify for an FHA Streamline Refinance? The FHA Streamline is a great option for homeowners with an FHA loan that are looking to lock in one of today’s historically low interest rates.

FHA Streamline loans are designed to help homeowners lower their monthly mortgage payments and interest rates. The basic requirements for an FHA Streamline loan include: An existing FHA mortgage-if you don’t have an fha home loan, you will need to seek conventional refinancing or apply for an FHA refinancing loan.

That discrimination often comes in the form of higher mortgage interest rates. black borrowers pay home loan rates more than a quarter-point higher than comparable white borrowers, according to.

The FHA Streamline Refinance requires refinancing homeowners to save five percent or more on their mortgage payment; and, to show a history of on-time payments to their lender.

If your mortgage loan is insured by the Federal Housing Administration, you may be able to avoid some of the hassle by applying for an FHA Streamline Refinance. You have to meet certain requirements to qualify and it helps to understand what to expect before you get started.

Started in the 1980s, the Federal Housing Administration (FHA) Streamline Program is the most popular of all streamline refinance options. You can get a refinancing of your current mortgage to lower interest rates, and potentially better loan terms, without the need for an appraisal or credit check