FHA Streamline Refinance Rates

FHA Streamline Refinance Rates

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.

The basic requirements of a streamline refinance are:

• The mortgage to be refinanced must already be FHA insured.
• The mortgage to be refinanced should be current (not delinquent).
• The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
• No cash may be taken out on mortgages refinanced using the streamline refinance process. 　

Lenders may offer streamline refinances in several ways. Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction.

FHA streamline refinances may include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.

Existing loan must be current and have no 30 day or greater mortgage lates in the past 12 months.

Cannot exceed the outstanding principal balance minus the applicable refund of the UFMIP plus the new UFMIP.Outstanding Principal Balance may include interest charged by existing lender when the payoff is not received on the first day of the month but may not include delinquent interest, late charges or escrow shortages.

FHA Streamline Refinance Rates Florida, FHA Florida Streamline Refinance Rates

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