| If you qualify, you will find that the | | | | program. The FHA Streamline Refinance |
| benefits of an FHA Streamline Refinance are | | | | information can be processed quickly, which |
| great. There are restrictions in order to | | | | means the closing will happen faster than a |
| qualify for the program and on the loan | | | | typical refinance loan product, which means |
| product itself. | | | | you will also get savings faster. |
| | | | |
| For FHA loan holders who want to get better | | | | Restrictions and Requirements of the FHA |
| mortgage terms, it is worth looking at the | | | | Streamline Refinance Program |
| FHA Streamline Refinance, along with an FHA | | | | |
| lender. | | | | There are some minor requirements of the FHA |
| | | | Streamline Refinance you must meet in order |
| The benefits of FHA Streamline Refinance | | | | to get the benefits of the FHA Streamline |
| | | | Refinance programs. These requirements for an |
| The streamline refinance program was created | | | | FHA Streamline Refinance are similar to other |
| by the FHA in the 1980s to allow customers to | | | | refinance restrictions of typical programs. |
| have the benefits of home mortgage refinance | | | | FHA Streamline Refinance provisions are |
| without giving up the security of the FHA | | | | actually far less than others. The |
| loan. The FHA Streamline Refinance can help | | | | restrictions include: |
| with a refinance by making the process go | | | | |
| faster with reduced paperwork and | | | | *The loan must be in good standing, not in |
| documentation. With the program, you can | | | | default and paid up to date |
| secure better and affordable terms. The FHA | | | | |
| Streamline Refinance benefits help borrowers | | | | * The loan must be FHA insured and the |
| in many ways: | | | | refinance must result in lower payments and |
| | | | better terms for the borrower |
| * Lower monthly payments and interest rates | | | | |
| | | | One of the few drawbacks of the FHA |
| * No underwriting fees (not including closing | | | | Streamline Refinance is that borrower can not |
| costs) | | | | take cash out as a result of their refinance. |
| | | | Since many borrowers look at the FHA |
| * Lower terms - from 30 to 15 years | | | | Streamline refinance as a place to get cash, |
| | | | many can be disappointed by their notice. |
| * Closing costs can be folded into the loan | | | | However, with the FHA Streamline Refinance, |
| | | | borrowers may not be able to get cashout, but |
| * No out-of-pocket costs (depending on the | | | | they improve their monthly payments and |
| program) or low upfront costs | | | | decrease their loan-to-value ratios. With |
| | | | such benefits, owners may get access to other |
| * Increased equity | | | | credit in which to reach their cashout goals, |
| | | | while keeping a more manageable home loan. |
| The FHA Streamline Refinance program's | | | | |
| benefits also help with the simplified | | | | Advice for getting an FHA Streamline |
| administrative requirements, for example: | | | | Refinance |
| | | | |
| * There is less information required for the | | | | The best place for more information and |
| FHA streamline refinance | | | | advice for a FHA Streamline Refinance is a |
| | | | qualified and reputable FHA lender. An FHA |
| * There is little paperwork required and | | | | lender can look at your current loan and how |
| often no appraisal needed | | | | the FHA Streamline Refinance will benefit |
| | | | you. The way the FHA has made their |
| * There are no FHA Streamline Refinance | | | | Streamline Refinance program, you should |
| information checks needed, such as income and | | | | benefit greatly. Get your FHA Streamline |
| employment verification | | | | Refinance information, like what your current |
| | | | terms and payments are, and call an FHA |
| This puts speed and efficiency at the top of | | | | lender to see what the FHA Streamline program |
| the benefits of the FHA Streamline Refinance | | | | will do for you. |