If you have a FHA loan, consider streamline refinancing when the interest rates drop. There are a variety of FHA mortgage programs that are available for most U.S. consumers, but the FHA streamline loan requires the borrower to already have a FHA loan for at least one year.
After the subprime mortgage crash in 2006, FHA became the “go-to” loan for mortgage refinancing as well. The FHA guidelines are much more forgiving than conventional loans. FHA refinance guidelines allow bad credit and FHA underwriters require very little equity for FHA mortgage refinance transactions.
FHA Streamline Refinancing
Low FHA Streamline Rates
No Income Documentation
No Appraisal Required
FHA streamline rates recently have fallen to levels not seen in 40 years! Lock into to a fixed FHA streamline at 4.625%! Choose from fixed rate 15 and 30-year FHA refinancing terms and there is no penalty or fees for early pay-off. So you can streamline refinance and not be penalized if the FHA rates drop.
Like all other FHA loans, the FHA streamlines provide insurance against inflation, because FHA loans guarantee a fixed rate for the term of the lien and there is no penalty for early pay-off. FHA streamlines automate the lending process, but no cash out is allowed.
FHA refinance rates shown are subject to change. FHA mortgage rates posted may not be available if your credit score, debt to income ratio and loan to value do not meet FHA refinance guidelines as determined by the lending underwriter. No cash out is allowed with streamline refinance loans and borrower must presently have a FHA lien that is current with lender.