For those who have an FHA loan that was endorsed on or before May 31, 2009, the news is great if the borrower qualifies for a streamline refinance. The new annual MIP for those loans is reduced to.
The basic requirements of a streamline refinance are: The mortgage to be refinanced must already be FHA insured. The mortgage to be refinanced must be current (not delinquent). The refinance results in a net tangible benefit to the borrower. Cash in excess of $500 may not be taken out on.
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The FHA Streamline Refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly.
Unlike other mortgage refinance options, the FHA streamline refinance program offers borrowers with an existing FHA mortgage a new fha-insured home loan without requiring an appraisal or any documentation of income or assets.
For those who do have an FHA home loan, the other requirements for FHA Streamline include: Being current on the existing loan with all mortgage payments made on time for the last year. You must own the original property for at least six months before you can qualify for refinancing. To refinance you’ll need an FHA-approved lender.
An FHA streamline refinance makes it easy to refinance your mortgage to a lower mortgage rate without the need for an appraisal, many of which happen to come in low these days. In fact, if an appraisal is conducted and it’s not favorable, the FHA will even allow lenders to ignore it and set it aside.
The FHA Streamline is the easy and fast way to refinance your FHA loan. Learn how PennyMac can lower your interest rate and payment today.
Streamline refinancing is a mortgage refinancing process in the United States for Federal Housing Administration (FHA) mortgages that reuses the original loan’s paperwork allowing quicker refinancing. The program was introduced by the FHA as a way to speed up the home refinancing process. By reusing the original loan’s paperwork, the process to refinance a home was reduced from a few months to.
Here’s a quick overview of the so-called "streamline refi" program and what it will take for you to qualify. First, the baseline criteria: Your current home loan must be FHA-insured and must have been.