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

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Unlike most refinancing programs, the FHA streamline refinance program does not require W-2s, pay stubs, or other financial documentation. Since those with an FHA loan have already been determined to be a good risk, further proof is not necessary. Plus, refunds on mortgage insurance premiums (MIP) are possible with an FHA streamline loan.

Understand when it makes sense to refinance. Learn what a refinance lender needs from you. Comparison shop, in order to find the best loan. A refinance is a loan transaction where a homeowner with an.

You can refinance your mortgage two ways: With an Interest Rate Reduction Refinance Loan – an IRRRL – also known as a VA streamline. does not have to be your primary residence. home must be your.

The FHA Simple Refinance is similar to the rate/term refinance program, however, the simple refinance program does not allow any 2nd or 3rd mortgages to be included with the new loan amount. The Simple Refinance program does allow the closing costs and escrow requirements to be included in the new loan.

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The FHA streamline refinance program helps current FHA homeowners lower their rate and payment without most of the traditional refinance documentation. It is a fast and cost-effective way to refinance that comes with lenient documentation and credit standards. In 2018, the FHA streamline could become an even better value.

Overview of the FHA Streamline Refinance Program. Before you decide on this option, it’s important to understand how this refinancing option works. First off, an FHA Streamline Refinance refers to the refinance of an existing FHA-insured mortgage with the added benefit of limited underwriting and looser credit requirements.

Following its announcement, the government introduced a new refinance structure that allows borrowers to streamline refinance an existing FHA loan at a dramatically lower cost. The Up-front Mortgage Insurance Premium fee is slashed to the lowest amount allowed by FHA, which is .01 percent.

The FHA Streamline Refinance program allows homeowners with current FHA-insured mortgage loans to refinance at lower payment rates. This process needs minimal verification. Homeowners can qualify without proof of income, assets or employment.

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