FHA streamline refinance info and facts

FHAStreamlineRefinanceInfo and

Facts

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What Does a FHA StreamlineRefinance do?

The FHA Streamline Refinance program is a specialprogram for borrowers who already have a FHAmortgage loan. It is one of the simplest and easiestways to refinance your mortgage. Unlike a traditionalrefinance an FHA Streamline Refinance will allow youto refinance your mortgage without having to verifyyour income or assets. Also an appraisal could beavoided as well depending on the balance of youroriginal mortgage. Even if you’re upside down onyour current mortgage you can still take advantage ofa lower mortgage rate with a FHA streamline.



Qualifying

Some of the basic requirements to qualify to utilize a FHAstreamline refinance are;

You must reside in the house you’re trying to refinance

You cannot have more than two thirty-day latepayments in the past twelve months

You have not applied for a FHA streamline refinancewithin the past six months

A minimum credit score of 620 or higher



While the FHA does not have a minimumcredit requirement for borrowers toutilize a FHA streamline refinance,lenders usually require a credit score of620 or higher.



Utilizing a FHA Streamlinewith an Appraisal

One advantage of utilizing a FHA StreamlineRefinance with an appraisal is, you will be ableto roll your closing costs into your new loanand you are only required to have an appraisalif your new loan amount were to exceed youroriginal loan amount by 1.5%.



Utilizing a FHA Streamlinewithout an Appraisal

If you do utilize a FHA Streamline Refinance withoutneeding an appraisal you will not be able to roll yourclosing costs into the loan like you can with anappraisal. You will need to prepare yourself to payyour closing costs, usually out of pocket or you cantalk to your lender about your options as to whetherthey can cover your closing costs. However whenlenders cover closing costs it usually leaves youpaying higher interest rates.



Shopping for FHA StreamlineQuote

It’s important for you to shop around for themost competitive mortgage rates and fees fora FHA Streamline Refinance. Make sure tocheck all their options to find out which isbest for you. Click below to be matched with alender!



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Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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FHA streamline refinance info and facts