FHA Streamline Refinance

An FHA Streamline refinance refers to the refinance of an existing FHA loan, requiring less borrower documentation and underwriting. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

• The loan must already be an FHA loan.
• The loan to be refinanced must be current (not delinquent).
• The refinance results in a financial benefit to the borrower. i.e. a lower payment.
• Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process.
• Investment/Rental Properties are not eligible for a Streamline refinance.

The Straight Scoop – I offer “no cost” refinances (actually, no out-of-pocket expenses to the borrower) by charging a slightly higher rate of interest on the new loan than if you paid the closing costs yourself. From this premium, I can pay any closing costs and upfront taxes and insurance that are incurred on the transaction. If you plan on owning your house for over 5-years, and would prefer a rock-bottom rate, I can do that too.

Shoot me your current rate, and I’ll tell you if its worth it. No out-of-pocket option is available.