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FHA Streamline

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What is an FHA Streamline Loan?

An FHA Streamline Loan is a mortgage refinance that can lower monthly mortgage payments and interest rates for borrowers who already have an FHA loan.

Who is Eligible for an FHA Streamline Loan?

 Apart from already having an FHA loan to be eligible for FHA Streamline, borrowers must:

  • Be current on their existing loan, and have made all payments on time for the last year
  • Own the original property for at least six months before refinancing
  • Not take out a no-appraisal loan greater than the value of their current loan
  • Pay closing costs up front or agree to a slightly higher interest rate to cover them

Why an FHA Streamline Loan?

Provided they meet the requirements, an FHA Streamline Loan can provide borrowers with many advantages.  There is no credit check, income or employment verification, which speeds the refinancing process up considerably. An FHA Streamline loan can be particularly beneficial in areas where a number of homeowners whose home values have not appreciated as expected. The refinance doesn’t require a home to be appraised, so borrowers can use the most recent appraised value.

Borrowers cannot take out an FHA Streamline loan without it resulting in a net tangible benefit, such as lowering the monthly payment by at least 5% or changing an adjustable rate mortgage to a fixed rate one. 

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