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Make Mortgage Payments Affordable With FHA Streamline Program

If your existing home mortgage is FHA insured, you can think of applying for an FHA streamline refinance program to refinance your house to lower interest rate. Less amount of paperwork is involved in obtaining an approval and no income verification or home appraisal is required. Besides, even the mortgage insurance premium will get reduced and monthly payments will be low.

What Exactly Is FHA Streamline Refinance Loan And How Can It Help?

FHA streamline refinancing is a fast, easy and hassle-free way for making monthly mortgage payments more affordable. The program even allows homeowners to convert current ARM home mortgages to fixed rate mortgages and vice versa despite having higher LTV ratios.

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Some Fundamentals Of The FHA Streamline Mortgage Explained

The FHA streamline refinance plan is meant to benefit homeowners who have FHA insured home loans. The salient feature of the FHA refinancing plan is that applicants are not needed to undertake new home appraisals. This has made the program extremely popular among borrowers as they get the chance to take advantage of significantly lower home refinance rates without hassles.

It is possible to qualify for FHA streamline mortgage refinancing even if your house has developed a negative equity. Participating lenders will approve your home loan refinance application even if you owe more on your home than its current market worth. Hence, there is little need to worry about your being underwater on present mortgage.

The “appraisal waiver” clause gives permission to refinance housing loans with unlimited LTV ratios. This means Arizona, California, Florida and Georgia homeowners that are the worst hit by the bursting of real estate bubble few years back can save their homes from possible foreclosures by qualifying for sustainable mortgage interest rates with FHA streamline refinancing.

FHA streamline mortgage loan

Determine Your Eligibility To Qualify For The FHA Streamline Program Now

To qualify for the FHA streamline refi, borrowers must meet some basic eligibility criteria. Besides, the FHA doesn’t permit lenders to add closing costs to the new refinance loan amount under the streamline refinancing program. And applicants must be current with existing FHA mortgages to get approved for the program.

  • Primary Mortgage must be FHA insured – Refinancing homes with the FHA refi streamline program is an option for only those homeowners whose existing home loans are insured by the FHA. You can apply for the program if you meet this criterion.
  • Existing Mortgage has to be current – Borrowers must not have missed any monthly payments during the last 6 months and at least 210 days should have passed after the original or primary home mortgage was secured.
  • There has to be a net tangible benefit – The FHA requires borrowers to show that there is a net tangible benefit by refinancing with its streamline program. So, if this is not the case with you, getting approved can be a tough proposition.

Basic Requirements To Obtain Approval For FHA Streamline Refinance Plan

  • Only Current Mortgages Qualify

    Applicant must be current on existing mortgage payments for the past 6 months to enhance chances of securing an approval.

  • Waiting Period is Pre-specified

    On getting primary FHA insured home mortgage loan, borrower can apply for streamline refinancing after a period of 6 months.

  • No Cash-Out Refinance Available

    Applicant must be ready to pay loan costs on his own as equity cannot be cashed out for the purpose.

  • New Payment must show gains

    Refinancing with streamline FHA program must result in minimum 5% reduction in monthly payments or else applicant may be disqualified.

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