What could be simpler for homeowners than an FHA streamline refinance? Consider the reduced requirements and phenomenal benefits to getting a new FHA loan using a streamlined process.
The streamlined process is designed to lower monthly house payments of an existing FHA mortgage with a minimal amount of paperwork.
Streamline loan requirements...
FHA streamline mortgage must show net tangible benefit...
FHA streamlining benefits...
Mortgage lenders have the right to add additional requirements to your FHA streamline refinance transaction. Ask your loan originator which benefits apply.
In some cases...
In addition to FHA loan requirements, your lender may increase conditions. Ask your mortgage representative which benefits apply to your FHA streamline refinance.
One myth surrounding the streamline program is that there are no FHA closing costs. In fact, the closing costs are about the same as any other FHA refinance.
One exception is no appraisal charge if an appraisal is not required.
FHA does not make allowances for homeowners to borrow cash during a streamline refinance. But we all know there are certain times cash comes to the rescue for all kinds of reasons, from remodeling to paying doctor bills.
So if cash is what you're seeking, find a generous solution with a full FHA refinance.
What if you could ask a mortgage insider anything you want regarding homeownership? Now you can. Ask Kate is specifically designed to answer your questions and create dialog regarding mortgage financing.
Catch this Reader's FHA streamline refinancing questions followed by my answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
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Aug 11, 16 10:49 AM
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