FHA Streamline Refinance

Program Overview

The FHA Streamline Refinance program is a specialized mortgage program for existing FHA mortgages.  The term “streamline” in regards to FHA refinance mortgages refers to the ability to reduce your interest rate on your current home, oftentimes without an appraisal and reduced paperwork required by the lender.

The defining characteristic of the FHA Streamline Refinance program is that the lender will not require a home appraisal.  Instead, the lender will use the original purchase price (or your most recent refinance loan amount), regardless of what your home may actually be worth today!

Additionally, home owners who have experienced “hard times” recently and perhaps have experienced a loss of employment or decrease in yearly income may still be eligible to refinance.  Traditionally such factors would prohibit home owners ability to refinance.

However, with the FHA Streamline Refinance program home owners may be eligible to refinance without the need of income and employment verification that is standard and most loan programs.  Certain restrictions may apply, please contact us at (920) 632-4902 for additional details and eligibility requirements.

Program Availability

Not every home owner is eligible for the FHA Streamline Refinance program, nor does every lender offer this program.  At AMEC, we work with over 40 lenders from across the country and we can work with you to help you determine if you may be eligible.

The first step is to determine whether your mortgage is insured by Federal Housing Administration (FHA).  If you need assistance in determining whether or not you currently have a FHA mortgage, contact us today at (920) 632-4902 and with some basic information about your current mortgage we can assist you in finding this information out within a few minutes.

Additional Eligibility Requirements

Once we have determined that your mortgage is currently insured by FHA, the next step is to ensure that you qualify for this great program.  To be eligible for this program you must meet these basic requirements:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced should be current (not delinquent).
  • Refinancing must result in lowering your monthly principal and interest payments, or under certain circumstances, the conversion of an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.
  • The new loan amount is limited to the existing mortgage balance + the FHA upfront mortgage insurance premium (closing costs CAN NOT be rolled in)

If you are unable to pay for closing costs, you may be eligible for a higher interest rate and receive a credit to offset any or all costs of doing the loan.

Have Additional Questions?

If you have additional questions about getting mortgage help, we are available 24/7 to answer any questions you have about the FHA Streamline Refinance Program.  Give us a call at (920) 632-4902 today.

Research shows that homeowners who work with housing experts like those at AMEC are more successful and have better long-term outcomes.  We will help you understand your options, design a plan to suit your individual situation and prepare your application.

 

Request a Complimentary Mortgage Review