Recent guideline changes have made the FHA Streamline Refinance a little less streamlined, but this program is still an easy way to lower your mortgage rate and payment.
Highlights of the FHA Streamline Refinance program include:
- Less documentation required.
- Appraisal not required In some cases
- Low or no closing cost options
- Low fixed interest rates
One of the biggest changes to the FHA Streamline Refinance guidelines is that closing costs can no longer be rolled in to the new loan without an appraisal. However, in many cases, the refinance can be structured with no closing costs or very little closing costs, which can enable you to still bring little or no money to closing and not roll in and closing costs. In areas where home values have declined sharply, it is critical to still be able to do a streamline refinance without an appraisal.
An FHA Streamline Refinance must show a benefit to the home owner. Examples are a decrease in rate and payment, rolling over into a fixed rate from an adjustable rate mortgage, or shortening your mortgage term from 30 to 15 years. Products available on an FHA Streamline Refinance include 30 year, 20 year, and 15 year fixed rates, and 5 and 3 year ARMs.
Mortgage rates on an FHA Streamline Refinance are also very competitive and are similar to conventional interest rates. That means you can still lock in a low rate without all of the hassle of heavy documentation and appraisal requirements.
We can provide you with an honest, no obligation rate quote for your unique situation and would be honored to assist you. We will help do the shopping for you to find you the best possible rate from our over 30 bank affiliates.
To get started on your FHA Streamline Refinance, simply click here:
If you have questions about your FHA streamline refinance, use our Ask an Expert feature now.