The FHA Streamline Refinance Program
Minneapolis, MN: If you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today. The FHA Streamline Refinance allows existing FHA borrowers to reduce their interest rate without having to jump through a lot of hoops. Basically, if you have made on time payments on your current FHA loan for the past 12 months. You get (almost) an automatic approval for the streamline refinance! How COOL IS THAT?
Most current FHA loans qualify for a no out-of-pocket cost streamline refinance loan that lowers your FHA interest rate and reduces your monthly mortgage payment without increasing the principal amount owed on your first mortgage. The FHA streamline refinance provide a rare opportunity for FHA borrowers to refinance any time the interest rate drop to level saving them more than 5% a month over their existing payment. FHA loan guidelines are changing, so ask your FHA loan expert how this could impact the FHA streamline program.
FHA mortgage rates have fallen to the lowest level since Eisenhower was President! FHA streamline rates are as low as or even lower than conventional interest rates, so don’t sit back waiting for lower rates. If you have made your loan payment on time and you already have this government loan, the FHA streamline refinance programs are easy to qualify for.
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no appraisal required
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lower credit requirements
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limited documentation
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skip a month of payments
HOME LOST VALUE?
You may have heard of HARP, the Home Affordable Refinance Program. HARP is only available if you have a Fannie Mae or Freddie Mac loan. and it allows you to refinance even if your home is underwater. FHA’s streamline streamline refinance has a no appraisal option. So if your home has lost value, you can possible still refinance to today’s low mortgage rates too!
FHA streamline loans are highly regarded by FHA customers. FHA mortgage rates have never been more attractive so act now and lock into the lowest streamline rates in years.
With mortgage refinance rates this low it makes sense to reduce your monthly payment if you have any mortgage loan, but especially government insured loans like an FHA loan or a VA Loan.
VA STREAMLINE REFINANCE
An “Interest Rate Reduction Refinance Loan” (IRRRL) or VA Streamline Refinance allows Veterans to refinance their current mortgage interest rate to a lower rate than they are currently paying. This program is only available to veterans who are refinancing their original VA mortgage in which they utilized their original eligibility.
VA Streamline Loan Guidelines:
- There is no cash out on an IRRRL loan
- The VA charges a 1/2 percent funding fee to guarantee the IRRRL Loan
- The VA loan being refinanced must be current and have a perfect pay history for the last 12 months
- No assumptions are allows
- Second mortgages can not be included and must be subordinated
Like the FHA streamline refinance, the VA streamline loan can be done with “no out of pocket money” by including all closing costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.