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Why aren't more existing FHA loans refinancing?
Why aren’t more people refinancing existing FHA loans?
I read a recent story on nationalmortgagenews.com written by Brian Collins that speaks about the lack of existing FHA mortgagors refinancing into today’s current low interest rates.  His article states that at this time last year mortgage interest rates were a little lower than they are today, but mortgage refinance applications were at approximately 150,000.  Today the number of applications sits at about 50,000.  You may be thinking that the reason why applications have fallen is because values have fallen and it’s made refinancing impossible for existing FHA mortgages.  The fact is that if you have a FHA loan and are refinancing into another FHA, this is called a FHA Streamlined Refinance, then the appraisal condition is waived, meaning that the borrower doesn’t need an appraisal to get the loan.  FHA Streamline loans are much easier to qualify for as a result of not needing an appraisal, the only real hurdle is that you must have maintained on time payments and have an appropriate income to keep your debt to income ratios in line. 
I believe that I know the exact reason why people aren’t refinancing existing FHA loans into new FHA loans ... more

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