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For most of this year our lenders have been offering the lowest rates on the FHA streamline refinance program. The Department of Housing and Urban Development has made the FHA streamline loan more aggressive than ever as they revised the guidelines to reflect to the Home Affordable Refinance Program with no loan to value criteria. This makes underwater refinancing easy as no appraisal is required. There is no income documentation required either, so the FHA streamlines goes a step further then the HARP refinance.
Get Approved for FHA Streamline Rates for Easy Rate and Term Refinancing
Last week, the FHA commissioner announced deep price cuts to FHA Streamline Refinance Rates that could end of saving millions of borrowers' money whose loans are currently insured by FHA. Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers. Take a few moments and discover see how much money you can save each year with lower streamline refinance rates. The FHA streamline rates have declined to 3.25%. (3.39% APR)
Did you know that today's FHA streamline rates are as lower as than conforming mortgage rates? Yes you must pay mortgage insurance with FHA loans, but what lender is going to offer you no equity refinancing below 4% on fixed rate terms?
FHA Streamline Refinance Rates Have Never Been Better!
With the FHA streamline, no income documentation is required so if you have had debt to income ratio problems before, apply now for a streamline refinance. Equity should not be an issue either, because in most cases, the FHA streamline mortgage does not require an appraisal. Refinance lenders have not been in a position to extend credit on such favorable terms.
|No Documentation for Income Needed
||No FHA Appraisal Required
|Low Interest Rates for Streamline
||Best Streamline Refinance Rates
FHA streamline loans are highly regarded for FHA customers who have an interest rate over 7% or have an adjustable rate FHA mortgage that has a teaser rate about to expire. FHA customers find themselves in the unique position of being to refinance their mortgage without the documentation requirement that conforming loan customers must go through to qualify for refinancing.
Key Criteria to qualify for the Lowest FHA Streamline Rates
- No late payments on your loan for the last year.
- No money back is allowed in the streamline program
- Loan applicants must pay lending costs “out of pocket” as the streamline refinance does not allow borrowers to finance the fees.
This change, and others, prompted the president of one West Coast investor to write, "Several of our mortgage clients selling us FHA Streamline products asked me what I know that the big boys don't. Rob, it is absolutely concerning to me that our industry has truly forgotten its roots and culture and has allowed big bank overlays to influence better decision making. Read the original article from the Mortgage News Daily