What Is FHA Streamline Refinance And How Does It Work? – New Florida Mortgage

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The FHA Streamline Refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly. Avoiding a lot of paperwork, and often without an appraisal, the Streamline option saves borrowers time and money.

Homeowners with an FHA home loan are able to lower their monthly mortgage payments with an FHA streamline refinance. The great news is that no appraisal is required. No income documents are needs and credit score requirements are low. One of the biggest draw backs of an FHA streamline refinancing are the closing costs.

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In the simplest terms possible, it refers to the process of refinancing your current mortgage to new interest rates, relaxed credit, and favorable underwriting guidelines. More often than not the lower rates translate to a significant reduction of payments you will be required to make. Streamline refinance stands out from traditional refinance options because there is a lot less paperwork involved.

FHA reduced its monthly mortgage insurance premiums (MIP) by 0.50% for all new FHA loans as of January 26, 2015. The reduction will save FHA borrowers about $40 per month for every $100,000 borrowed. current fha borrowers must refinance with an FHA streamline refinance or other FHA refinance to lower their MIP.

An FHA streamline refinance makes it easy to refinance your mortgage to a lower mortgage rate without the need for an appraisal, many of which happen to come in low these days. In fact, if an appraisal is conducted and it’s not favorable, the FHA will even allow lenders to ignore it and set it aside.

Streamline Your FHA Mortgage Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options.

The FHA streamline refinance program is designed to help homeowners save time and money during the refinance process. Unlike a traditional refinance, there’s not as much documentation required and the underwriting process typically takes less time.

To start, an FHA Streamline Refinance involves refinancing a preexisting FHA-insured mortgage with the advantage of restricted underwriting and relaxed credit necessities. fha streamline Refinances are reserved for those already possessing an FHA mortgage. FHA mortgage insurance backs these loans.