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Something knows about FHA Streamline Refinance For existing FHA mortgage loans, the FHA Streamline Refinance program is the most common and quickest way to refinance your home loan. The FHA Streamline Refinance program is unique because unlike most refinance loans, the streamline program does not require verifying income or assets. Depending on how much you have paid down on your original loan balance, no appraisal may be necessary. Beginning in January 2015, the new FHA MIP dropped to.85% from 1.35% and above. For example, if you initially had a $200,000 loan, your new loan amount cannot exceed $201,500 or you will need a new appraisal on your property when you go through the FHA Streamline Refinance program. The FHA Streamline Refinance program will also allow for an unrestricted loan-to-value ratio, so you can refinance into a lower rate even if you are upside down on your loan.

The FHA Streamline Refinance program will take all the information used on previous application when the buyer originally qualified for the loan. That is why the FHA Streamline Refinance program does not require verifying your current assets credit score and income. Your lender then repackages your application to give you your new mortgage with a lower interest rate.

No Borrowing Allowed on FHA Streamline Loans Are you looking to gain access to the equity in your home? If so, the streamline program will not be the right program for you. Reason being, the Department of Housing and Urban Development (HUD), prohibits homeowners from withdrawing equity under the FHA Streamline Refinance program.


Benefits of FHA Streamline Refinance Another massive and is that the Federal Housing Administration streamline refinance is comparatively straightforward to qualify. Earlier this decade, to help U.S. homeowners, the FHA abolished most of the standard verifications needed to urge a mortgage. So, today, as it’s written within the FHA’s official mortgage tips : ● Employment verification isn't required with an FHA streamline refinance ● Income verification isn't needed with a Federal Housing Administration streamline refinance ● Credit score verification isn't required with an FHA streamline refinance There’s no want for a home appraisal, either, thus after you place it all at once, you'll be out-of-work, while not financial gain, carry a terrible credit rating and haven't any home equity. You'll still be approved for an FHA streamline refinance. That’s not as crazy as it sounds, by the way. To grasp why the FHA to streamline refinance may be a good program for the FHA, we've to recollect that the FHA’s chief role is to insure mortgages — not “make” them. It’s within the FHA’s best interest to assist as many folks as available qualify for today’s low mortgage rates. Lower mortgage rates mean lower monthly payments that, in theory, end up in fewer loan defaults. This is often smart for householders that wish lower mortgage rates and for the FHA — however mainly for the Federal Housing Administration.

Are You Eligible for FHA Refinancing? Although the FHA streamline refinance eschews the “traditional” mortgage confirmations of economic gain and credit score, as examples, the program will enforce


minimum standards for candidates. The official Federal Housing Administration streamline refinance tips you'll check by visiting our website. Note that not all mortgage lenders can underwrite to the official tips of the Federal Housing Administration.

About Author Over the course of a diverse 25-year career in all aspects of lending, we have proven to be skilled executives, entrepreneurs, and adroit trouble-shooters. We have worked for fortune 500 companies and served on numerous boards relating to the mortgage industry. We have also worked in the capacity of CFOs of publicly traded companies. We bring financial expertise and a superior commitment to every client and business partner. We pride ourselves on being honest and providing superb customer services. Our team will continue to work towards achieving positive results and earning personal referrals from satisfied customers. We have been recognized leaders in the industry for many years and will use all of our skills for your benefit. For more visit:https://horizonlendingservices.com/ Email address: sharon@horizonlendingservices.com Contact no.: 972-347-9224

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Something knows about FHA Streamline Refinance  

For existing FHA mortgage loans, the FHA Streamline Refinance program is the most common and quickest way to refinance your home loan. The F...

Something knows about FHA Streamline Refinance  

For existing FHA mortgage loans, the FHA Streamline Refinance program is the most common and quickest way to refinance your home loan. The F...