FHA Home Loans Refinancing

FHA Streamline Refinance Loans

04.25.08

FHA streamline refinance loans are special mortgages that are only available to existing FHA customers seeking a rate and term refinance. Millions of homeowners are currently paying a home loan payment that is likely too high.  If you presently have an adjustable rate mortgage where the interest rate has rest then you need to find a new mortgage that secures a fixed interest rate.  By streamline refinancing your ARM you will be installing more security against future rate hikes that would cause your monthly payment to increase.

If you currently have a FHA insured mortgage you may qualify for a ”FHA Streamline Refinance“. The streamline loans will typically reduce the closing costs and documentation required for conventional refinance loans. Even if you have a bad credit mortgage, you may qualify for streamline refinancing as long as you presently have an FHA mortgage. The basic requirements of a streamline refinance are:

  • Existing loan to be refinanced must already be FHA insured.
  • The current mortgage being refinanced must be current (not delinquent)
  • The proposed refinance loan must reduce of the borrower’s monthly principal and interest payments.
  • FHA home refinancing is allowed with Rate and Term only
  • No cash may be taken out with the new home loan refinanced using the streamline refinance process.

2010 FHA streamline guidelines have seen some significant changes. Ask your FHA lender about your eligibility for a no cost FHA streamline refinance.

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1 comment so far

I need to know for 2010 if now on FHA streamlines that you are going to say that we need to verify income



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