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.
The FHA altered the pricing only for streamline refinance loans used to replace FHA loans issued before March 31, 2009. You now have to pay only a 0.01 percent upfront premium and annual premiums that are equal to 0.55 percent of the loan amount.
The Benefits of the Streamline Program The fha streamline program is ideal for properties that are owner-occupied, and it gives you the ability to reduce your interest or even lower your monthly mortgage payments without enduring the time, expense and hassle associated with ordering an appraisal.
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Fha Streamline Benefits Program | Mortgagecalculatorrates – The program requires no income. you could stand to benefit. With the fha streamline program, there are several benefits if you are eligible.In order to be eligible for the FHA streamline program, you need to currently be in an FHA loan, live in your home and have made your mortgage payment on time for the last 12 months.
In an effort to benefit homeowners who initially utilized a Federal Housing Administration-insured mortgage to purchase a home, the FHA Streamline Refinance program is available. Through the FHA Streamline Refinance option, borrowers can refinance their current mortgage under a simplified process with a variety of lenders to take advantage of several benefits.
If you’re interested in applying for a streamline refinance, here’s a breakdown of how the program works. What It Is The FHA streamline refinance program is designed to help homeowners save time and money during the refinance process.
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The FHA Streamline is strictly to lower your payment or get you out of a risky loan. The Benefit of the FHA Streamline. The largest benefit homeowners see today with this program is the lack of need for an appraisal. Homeowners who are upside on their homes can still refinance. This is the largest reason people use this program.