If you have a mortgage insured by the Federal Housing Administration and have an interest rate above 4%, you should consider a FHA streamline that allows existing customers to refinance their loan for a better rate with minimal costs.
Nationwide announced expanded guidelines with the streamline refinance program for a specific group of borrowers. There is no LTV limit for this group.
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No Income Verification with the FHA streamline program.
You can’t get money back, but the FHA Streamline will guarantee you the best interest rate.
HUD announced ground breaking relief for FHA customers with the new streamline loan.
FHA Streamline Refinance
The timing is perfect for government borrowers to save money with a lower interest rate achieved via home refinancing from the Federal Housing Administration. FHA streamline refinance are exclusive opportunities that are only available for current FHA clients. Streamline candidates must also have a good payment history with their existing FHA mortgage. FHA generally only require 3% equity if you do not need additional money to be financed in the loan. Streamline loans require less paperwork and in most cases the closing costs are significantly reduced.
Refinance for Better Interest Rate Any Time with the FHA Streamline Program.
- No Pre-Pay Penalties
- Fixed Rates for 15 or 30 Years
- Rates Start at 2.75%
The basic requirements of a streamline refinance are:
Existing loan to be refinanced must already be FHA insured.
The existing mortgage being refinanced must be current.
The proposed mortgage must lower the monthly payment
Refinancing is only offered as a rate and term option
No money may be received by the borrower in the streamline loan