The FHA refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly, sometimes without an appraisal.

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April 28, 2016
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FHA Streamline Refinance

Learn About Your Mortgage Options

Sending a child to college, consolidating bills, taking a much needed vacation, or making home improvements are some of the ways homeowners tap into the equity they have accumulated in their home to help with these expenses. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA Refinancing With a Streamlined Loan

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back. This works well for people who are in good financial standing with no significant debt because it allows you a little extra money each month that can be put to good use elsewhere.

If you have a conventional loan you wish to refinance with an FHA refinance loan, you'll need to apply with the usual employment verification, credit check, debt ratio requirements and other considerations. An FHA refinance loan can get you many of the same results, and you may get better rates and lower payments.

FHA Loan Articles

Read About Mortgage News, FHA Updates, and Guidelines
FHA Reverse Mortgage Questions and Answers

The FHA reverse mortgage program, also known as the Home Equity Conversion Mortgage program (HECM), is designed for qualified borrowers aged 62 and older who either own their home or are very close to doing so.

How To Prepare for an FHA Cash-out Refinace Loan

For those who want to cash in on the value built up in the home over time, the FHA cash-out refinance is an important option to consider.

Unpaid Federal Debts And Your FHA Loan Application

Does it hurt a borrower’s chances when applying for an FHA mortgage loan if there’s a debt owed to the federal government? Can unpaid federal taxes become a barrier to an FHA mortgage loan? The FHA recognizes two types of circumstances–tax debt and non-tax debt.

FHA Refinance Loans and Title Issues

There are sometimes legal issues that arise as a result of applying for an FHA refinance loan. Those issues give way to frequently asked questions and in many cases the best advice is to seek legal advice for a lawyer and avoid taking legal guidance or tips from a non-lawyer.

FHA Loans and Lender Policies

First time FHA borrowers or refinance loan applicants are sometimes confused when it comes to the specifics of FHA home loan policies versus the standards of their participating FHA lender. One common question where this happens involves the loan rules that cover a borrower’s employment status.