FHA Streamline Mortgage Refinance FAQs

March 11th, 2010

If you have an FHA (Federal Housing Administration) mortgage, you may be eligible for a FHA streamline refinance. What are the benefits to an FHA streamline refinance?

Depending on the program you choose, some FHA streamline refinances do not require appraisals, and some may be done with no out-of-pocket closing costs. The FHA tightened its qualifying guidelines this year, but streamline refinances are still a beneficial loan program to consider. If you are in a condo and it has lost its FHA approval status, you may still be eligible for an FHA streamline refinance.

Here are some frequently asked questions to help you:

FHA streamline refinances are a very beneficial tool for many homeowners with FHA mortgages, as the amount of paperwork needed for underwriting is decreased. As always, do the math with your lender to determine if you are eligible, taking care to ensure you meet the qualification dates for application and funding as well as the total PITI payment reduction, to ensure your new FHA mortgage payment will be under the 5% threshold.

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