· Benefits of an FHA Streamline Refinance In a FHA streamline refinance transaction, you home isn’t subject to an appraisal and there is no income, credit score or employment verification. In essence, all you’re doing is swapping in a new interest rate, resetting the loan term and applying new the new mortgage insurance premium (MIP) structure.
FHA is made a change that will allow borrowers to use FHA streamline mortgage refinance options that lowers the annual rates! There will be a point reduction on the annual Mortgage Premium rate of 0.50. The FHA streamline refinance program is a relatively quick low expense process.
Another big plus is that fha mortgage rates are the same in the FHA Streamline Refinance as with a "regular" FHA loan. There’s no penalty for being underwater, or for having very little equity. Get today’s live mortgage rates now. Your social security number is not required to get started,
Closing costs on a FHA streamline refinance can range from $1500 to as much as $6000. The amount varies due to the size of the loan and the lender you use. FHA Streamline Waiting Period. In 2015 the federal housing administration announced that the mortgage insurance premiums were dropping from 1.25% to 0.85%.
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To get an FHA Streamline, the refinance must offer you a net tangible benefit. This means that the refinance must be beneficial to you according to the FHA’s guidelines. The definition of the net tangible benefit varies based on the details of your loan, but here are some general guidelines:
While an FHA streamline refinance can help you save time and money, you’ll have to meet several conditions, including a "benefit to the borrower." We’ll help you decide whether an FHA streamline.
You can only refinance a fixed-rate FHA loan with a streamline refinance mortgage if the new loan means a reduction in your monthly principal and interest payments. The only way your payments can increase is if you refinance from an adjustable-rate loan (ARM) to a secure fixed rate 15 or 30 yr mortgage.
Interest rates on FHA mortgage loans, including fha streamline refinance loans, are not set or regulated by the FHA or HUD. The only requirement from FHA loan rules is that the rates be reasonable and customary compared to similar non-FHA mortgages available on the market at the time.