An FHA Streamline Refinance is a mortgage refinance. The term "streamline" refers only to the limited amount of documentation and underwriting required to be performed by the FHA mortgage lender, and does not mean that there are no costs involved in the Streamline refinance. The basic requirements of a streamline refinance include:

• The current mortgage to be refinanced must already be an FHA mortgage loan.
• The current FHA mortgage to be refinanced must be current (max 1x30 days late in the last 12 months).
• The FHA streamline refinance will result in a net benefit, i.e. lowering of the monthly mortgage payment.
• No cash may be taken out on an FHA streamline refinance.

FHA Loan applicants my streamline refinance in several ways. A streamline refinance may be accomplished with no out-of-pocket expenses to the borrower. By offering a higher FHA Interest rate on the new loan but still lower than your existing FHA mortgage loan. Or, instead of financing the streamline costs into the new mortgage loan you can finance them into the new interest rate. From the premium interest rate the FHA lender can credit some or all of the closing costs that are incurred on the FHA streamline mortgage refinance.

For homeowners with sufficient equity you may also streamline refinance a mortgage to  include the closing costs into the new FHA mortgage amount. This can only be accomplished if there is sufficient equity in the home  determined by an FHA appraisal. FHA streamline refinancing can also be done without a new FHA appraisal, however the new FHA loan amount cannot exceed the current mortgage balance. To accomplish the FHA streamline refinance closing cost must be paid out of cash proceeds or premium FHA rate pricing as described above and may not be added to the new FHA mortgage with those costs either be paid in cash at closing or by premium interest rate pricing.

Click the START NOW to get Pre Approved Today!