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The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. Homeowners with conventional mortgages via Fannie Mae or Freddie can’t use it. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.
The FHA streamline program allows an FHA-to-FHA refinance to lower the interest rate and payment from the current loan without proof of income or a home appraisal. The homeowner must be current on payments for the existing FHA loan and show proof of employment.
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HUD loan counselors are available to discuss specific programs based on your personal needs and qualifications. An FHA streamline refinance takes an existing FHA loan and lowers its interest rate.
Unlike other mortgage refinance options, the FHA streamline refinance program offers borrowers with an existing FHA mortgage a new FHA-insured home loan without requiring an appraisal or any documentation of income or assets.
Mortgage lenders often add "overlays" – additional costs and requirements to FHA loans. For example, a lender may require a credit report on an FHA streamline refinance, even though the FHA.
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similar to the FHA Streamline with the added ability for eligible borrowers to include closing costs in the new loan. In addition to unique products and services, AFR also provides its business.
The FHA streamline is available to homeowners who currently have an FHA loan with a good payment history. homes that have lost value and are now underwater are eligible too. The most important qualification though, is that borrowers must receive a benefit from refinancing.
The FHA also has another streamline mortgage product that will help you modify or improve your home. It’s called an FHA Streamline 203(k) Loan, and it will make anywhere from $5,000 to $35,000.
The FHA Streamline Refinance program is the simplest and easiest way to refinance an FHA loan. See how you can qualify and shop for a FHA Streamline.