If you have an FHA-insured mortgage on your home, you may have the opportunity to refinance with an fha streamline refinance. While the hype surrounding the FHA streamline refinance program makes it sound fabulous, the reality is that mortgage lenders often put what are called "overlays" on FHA guidelines.
The Federal housing administration (fha) provides mortgage insurance on loans made by FHA- approved lenders throughout the U.S. FHA mortgage insurance provides lenders with protection against loss as the result of homeowners defaulting on their mortgage loans.
An FHA Streamline is a refinance option for homeowners with existing FHA mortgages. This program is "streamlined" because it doesn’t have many of the income and appraisal requirements that are included with standard refinance programs. As a result the streamline program provides homeowners with a quick,
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For example, if your new FHA Streamline Refinance is for $100,000 mortgage, the FHA will assess a $10 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically adds the $10 payment to your new loan balance.
This insurance helps defray the lender’s costs. according to Ellie Mae. As far as mortgage refinancing goes, the edge goes to FHA “streamline” refinancing. With no credit check, no income.
Streamline Refinance when existing mortgage was endorsed ON OR BEFORE May 31, 2009 Loan to Value Annual MIP Duration > 90 LTV .55% Mortgage Term < 90 LTV .55% 11 Years IF EXISTING FHA MORTGAGE WAS ENDORSED AFTER MAY 31, 2009: UP-front mortgage insurance PREMIUM Streamline Refinance when existing mortgage endorsed AFTER May 31, 2009 1.75%.
The FHA reduced mortgage insurance premiums in January 2015 making FHA Streamline Refinances more attractive as the mortgage insurance has been drastically cut from years past preventing many from.
Streamline Your FHA Mortgage. 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.
An FHA refinance loan is a no-brainer for many homeowners looking to refinance. Insured by the Federal Housing Authority (FHA), an FHA loan can be one of the easier loans to qualify for. So whether you’re looking to cash out on your home’s equity or lower your interest rate,