While much of the recent news has focused on the new HARP refinance program for borrowers who have conventional mortgages, there are still other programs for homeowners who do not fall into these categories. Specifically, the FHA and VA both have Streamline refinance programs for borrowers. Both of these programs are excellent loan programs that provide for a simplified refinance program, even for borrowers who may owe more than their homes are worth.
FHA Streamline Refinance: The FHA streamline refinance is a program that allows homeowners who currently have an FHA home loan to refinance into a new FHA loan with a lower interest rate. The program does not have any appraisal or income requirements, but does require that the homeowner be current on their existing FHA mortgage. With mortgage insurance for FHA loans set to rise on April 1st, if you have an interest rate above 4.5% on an FHA loan, then you may want to look right away to see if this program can help you save you money in the short and long term.
VA Streamline (Irrl) Refinance: The VA streamline refinance is actually known at the VA Irrl program and it allows homeowners who currently have an VA home loan to refinance into a new VA loan with a lower interest rate. Like the FHA program, this program does not have any appraisal or income requirements, but does require that the homeowner be current on their existing VA mortgage. Again, if you have an interest rate above 4.5% on an VA loan, then you may want to look right away to see if this program can help you save you money in the short and long term.
As always it makes sense to speak to a licensed mortgage lender, such as Strategic Mortgage, about current home loan options and to see if an FHA or VA Streamline refinance is the right choice for you.
For more information on home purchase loan or refinance programs for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com
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