Consuladodechilehouston Mortgage Loans What Is Fha Streamline Refinancing

What Is Fha Streamline Refinancing

I purchased and closed on a home May 2009. The house is now 30 percent underwater. We bought it for around $120,000 and now its worth around $80,000. I’ve made all my payments on time and have not.

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Now for the good stuff: Under the Obama plan, if you qualify on the criteria above, you get to breeze through the paperwork maze and underwriting hassles that come with any refinancing. The FHA.

The FHA Streamline Refinance program enables homeowners who have an existing FHA loan to reduce the interest rate on their mortgage without an appraisal. Eligible borrowers must have clear title to their property and be current on their existing FHA loan (no more than one 30-day late payment in the last year and none in the last three months).

Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options.

The FHA streamline refinance program is a special program for existing homeowners with FHA mortgages. This is one of the fastest ways to refinance in today’s rates. This program does not require a home appraisal. No matter what your home is worth today they will refinance at the original purchase price.

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The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing fha mortgages. fha streamline refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages into today’s mortgage rates.

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The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. Homeowners with conventional mortgages via Fannie Mae or Freddie can’t use it. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.

Here are some of the requirements for a fast track FHA Streamline Loan that allows the borrower to refinance their current FHA Loan with another FHA Loan at a lower rate without paying for another appraisal. Currently an appraisal costs several hundred dollars, so this is an immediate cost avoidance.

What Is an fha streamline refinance? The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.

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