The FHA Streamline Refinance is an FHA-insured mortgage, and FHA borrowers are required to make two types of mortgage insurance payments — an upfront mortgage insurance payment paid at closing …
The FHA Streamline Refinance allows you to refinance your mortgage without an appraisal, no credit score, and no income documentation. In some cases, it allows you to lower your mortgage insurance – on January 26, 2015 they lowered the mortgage insurance premium.
The fha streamline refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly. Avoiding a lot of paperwork, and often without an appraisal, the Streamline option saves borrowers time and money.
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Effective April 18, 2011, the Federal Housing Administration (FHA), revised the underwriting requirements (rules) for the FHA streamline refinance program. The most notable change is the “net tangible benefit”. New FHA streamline loans originated after April 18, 2011 must demonstrate a 5 percent reduction to the principal and interest of the mortgage payment plus the annual mortgage …
fha loan calculator – Check Your FHA Payment. FHA loans require just 3.5% down, and are ultra-lenient on credit scores and employment history compared to other loan types.
To be eligible for an FHA cash-out refinance, borrowers will need at least 15 percent equity in the property based on a new appraisal. Equity is the difference between the current value of a property and the amount owed on the mortgage.
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