FHA streamline refinance 2016 

FHA streamline refinance 2016

Requirements for a streamline refinance - FHA does not require a credit report or credit score for a no credit qualifying streamline refinance without an appraisal. Good credit or bad credit there is no credit check.

And yes! They are still available.

Streamline refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage. Streamline refinances must involve no cash back to the borrower except for minor adjustments at closing that are not to exceed $500.

A borrower is eligible for a streamline refinance without credit qualifying if he/she currently has an FHA loan and he/she has owned the property for at least six months. The mortgage to be refinanced must already be FHA insured. The mortgage to be refinanced should be current (not delinquent). No cash may be taken out on mortgages refinanced using the streamline refinance process.

FHA allows streamline refinances without appraisals. If the streamline refinance is completed without an appraisal, the new mortgage amount may exceed the statutory limit by the accrued negative amortization and the new upfront mortgage insurance premium (UFMIP).

Eligible property types:

• owner-occupied 
• secondary residences
  
• investment properties
  
• condominiums

There must be a net tangible benefit to the borrower as a result of the streamline refinance without an appraisal transaction.

Net tangible benefit is defined as:

• a 5% reduction to the principal and interest (P&I) of the mortgage payment plus the annual mortgage insurance premium (MIP), or
• refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage.

FHA no longer requires income on streamline refinance transactions which allows you to refinance with very little amount of documentation.

A perfect credit score is not needed for an FHA loan approval. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a for a conventional loan. Sometimes scores down to 500 are accepted if there are compensating factors that offset the credit risk

Rate and Term Refinance

This is the lowest rate in over 50 years according to Freddie Mac. FHA has more flexible underwriting guidelines compared to conventional loans.

FHA streamline provides a way for current FHA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan. "No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses.

Cash Out Refinance

Cash out refinance refinance allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe, therefore repaying their current mortgage and using the equity they have built up in their home to take out another larger mortgage.

FHA refinance allows cash out amount up to 85% of the value of the property.

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FHA streamline refinance 2016, FHA streamline refinance 2016