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.

FHA Loan Rates

May 24, 2015
FHA Rates for May 24, 2015
30 Year Fixed
3.5% Rate
3.74% APR
15 Year Fixed
2.75% Rate
3.0% APR
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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
Streamlined FHA 203(k) Rehabilitation Loans

The FHA offers something called a 203(k) Rehab loan for borrowers who want to purchase and rehab a property. This is a great loan offering, but what about borrowers who don’t need to do extensive rehab work to a home?

FHA Extends Refinance Program for Underwater Borrowers

In 2010, the FHA offered a program designed to help those who were underwater on their home loans, owing more on the loan than the property was worth. That program was called FHA Refinance Of Borrowers In Negative Equity Positions.

Program Changes for FHA Home Equity Conversion Mortgages

Home Equity Conversion Mortgages are for eligible borrowers age 62 or older, and feature no monthly mortgage payment for the borrower. Changes were announced effective June 2014.

FHA Refinance Loan Basics

Are you thinking about refinancing your home loan with an FHA loan? There are several options available, and depending on the circumstances you may qualify for an FHA Streamline Refinance or an FHA Cash-Out refinance loan.

FHA Streamline Loan Seasoning Periods

There is a required wait time between the date when the borrower begins making mortgage loan payments on the home and the day the borrower becomes eligible to apply for FHA Streamline Refinancing on that mortgage.