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FHA Refinancing

What Are the Benefits of Federal Housing Administration Loans?

To name just of few of their many benefits, Federal Housing Administration Loans:

  • Are easier to qualify for than traditional mortgages
  • Require smaller down payments
  • Boast regulated closing costs—so you won't be saddled with exorbitant fees
  • Don’t require appraisals or credit checks

Better still, the FHA has created a rate reduction program called Streamline Refinancing.

What Can FHA Streamline Refinancing Do for Me?

If you’re an FHA homeowner, the Streamline Refinance can provide you with an easy way to lower your interest rate with practically no out-of-pocket costs. Designed to be faster and require far less tedious credit-underwriting and paper-work than typical loans, these loans can be just what the debt-doctor ordered.

Mortgage lenders typically offer streamline refinances at “no cost” either by charging the borrower a slightly higher interest rate or by wrapping costs into the refinanced mortgage amount.

Before deciding which option will best suit your needs, weigh both the outright costs and what the impact of a higher rate or a higher monthly payment could mean over the long term.

The Basics of FHA Streamlined Refinancing:

  • You won’t have to provide proof of income or employment.
  • Your original loan must already be FHA insured.
  • Refinancing must lower your principal and interest rate.
  • Your FHA mortgage must be at least six months old.
  • You won’t be able to receive cash back.
  • You won’t have to provide a termite report.
  • Your mortgage payments must have been made on time.
  • You’ll only be required to get an appraisal if your lender is rolling in the closing cost to the final mortgage.
  • To get Streamline Refinancing with no appraisal, your loan will be limited to your original finance amount. You’ll have to pay for any closing costs out-of-pocket or with a refinance premium.
  • Other liens on your home will have to be subordinated to your new FHA loan.
  • You will need to be up-to-date on any federal debts.
  • The term of your new mortgage will need to be the thirty years or the unexpired term of your mortgage plus twelve years, whichever is less.
  • You won’t be able to refinance from a fifteen year to a thirty year loan.
   
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