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FHA Streamline Refinance - How To
FHA Streamline Refinance is a rate reduction Loan program for FHA mortgage borrowers. The streamline FHA program refers to the lesser amount of documentation and underwriting in the process. With a FHA Streamline Refinance loan you do not need an appraisal, a credit check, income verification or employee verification FHASecure is a new FHA loan program that will give you a refinancing option enacted on August 31, 2007 to assist home owners who are now facing a mortgage default or foreclosure due to the mortgage payment adjustment of their subprime loans. Streamline FHA Refinance Guidelines * Your Home Loan must be an FHA insured loan
* Mortgage interest rate will reset between June 2005 and December 2009
* Homeowners need three percent cash or three percent equity in the home.
* Refinance must lower the principal and interest payments of the previous mortgage
* Mortgage payments must be current
* Mortgage must be at least 6 months old
* No Cash Back to Borrower
* No Income Verification Required
* No Employment Verification
* No Pay Stubs or W-2 forms
* No Termite Report Required
* Borrower must be current on any federal debts
* Borrowers with a late payment can still qualify for the is program... ... The FHA refinance is to result in a lowering of the borrower's monthly principal and interest payments. This Program is a No cost refinance, also no out-of-pocket expenses to the borrower. All FHA-Secure home loans will not have any mortgage pre-payment penalties as is traditional with FHA loans.
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Contributor's Note
Refinance your FHA Loan Today
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FHA Streamline Refinance
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