Make Mortgage Payments Affordable With FHA Streamline Program

Some Fundamentals Of The FHA Streamline Mortgage Explained

The FHA streamline refinance plan is meant to benefit homeowners who have FHA insured home loans. The salient feature of the FHA refinancing plan is that applicants are not needed to undertake new home appraisals. This has made the program extremely popular among borrowers as they get the chance to take advantage of significantly lower home refinance rates without hassles.

It is possible to qualify for FHA streamline mortgage refinancing even if your house has developed a negative equity. Participating lenders will approve your home loan refinance application even if you owe more on your home than its current market worth. Hence, there is little need to worry about your being underwater on present mortgage.

The “appraisal waiver” clause gives permission to refinance housing loans with unlimited LTV ratios. This means Arizona, California, Florida and Georgia homeowners that are the worst hit by the bursting of real estate bubble few years back can save their homes from possible foreclosures by qualifying for sustainable mortgage interest rates with FHA streamline refinancing.

Determine Your Eligibility To Qualify For The FHA Streamline Program Now

To qualify for the FHA streamline refi, borrowers must meet some basic eligibility criteria. Besides, the FHA doesn’t permit lenders to add closing costs to the new refinance loan amount under the streamline refinancing program. And applicants must be current with existing FHA mortgages to get approved for the program.

• Primary Mortgage must be FHA insured – Refinancing homes with the FHA refi streamline program is an option for only those homeowners whose existing home loans are insured by the FHA. You can apply for the program if you meet this criterion.
• Existing Mortgage has to be current – Borrowers must not have missed any monthly payments during the last 6 months and at least 210 days should have passed after the original or primary home mortgage was secured.
• There has to be a net tangible benefit – The FHA requires borrowers to show that there is a net tangible benefit by refinancing with its streamline program. So, if this is not the case with you, getting approved can be a tough proposition.