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FHA Streamline Refinance Guidelines and Details

Written By wafa gurape on Sabtu, 07 Desember 2013 | 10.01

http://www.iCashLoans.com/?c=214156
FHA Streamline Refinance guidelines and details for current homeowners that have an FHA mortgage. The only homeowners that can take advantage of an FHA streamline refinance is homeowners that currently have an FHA loan on their property.

Are you FHA (Federal Housing Administration) Streamline Eligible?

- Currently have an FHA Mortgage.
- Most recent 12 month payment history is on time.
- Net Tangible Benefit - FHA requires that your payment decrease by at least 5% per month or go from an ARM (adjustable rate mortgage) to a fixed rate mortgage.

There are big advantages when looking into an FHA streamline refinance, one in particular is that there are no appraisals required, which is a huge win for homeowners that currently owe more than the home is worth. Since the FHA currently backs the loan, they are already responsible to the lender if a homeowner were to default on the loan and foreclose. So it is in the best interest of the FHA to refinance a borrower into a lower rate and lower payment, without worrying about the value of the property. There are no loan to value (LTV) limits on an FHA streamline refinance, unlike the HARP program. Some lenders still put a cap on the LTV limits of a HARP loan, whereas FHA, there are no limits, no matter what lender is chosen. For example, a homeowner could have a mortgage that has a balance of $400,000, but the home is worth $50,000, as long as the FHA backs the loan and it is a benefit to the borrower, then they can refinance with no appraisal needed.readmore>>>
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