How To - Refinance a Streamline FHA Loan

Mortgage and Lending with Fixed-Mortgagerate
FHA Streamline Refinance is a rate reduction Loan program for FHA mortgage borrowers. The streamline FHA program refers to the lesser amount of documentation and underwriting in the process. With a FHA Streamline Refinance loan you do not need an appraisal, a credit check, income verification or employee verification

FHASecure is a new FHA loan program that will give you a refinancing option enacted on August 31, 2007 to assist home owners who are now facing a mortgage default or foreclosure due to the mortgage payment adjustment of their subprime loans.

Streamline FHA Refinance Guidelines

  • Your Home Loan must be an FHA insured loan

  • Mortgage interest rate will reset between June 2005 and December 2009

  • Homeowners need three percent cash or three percent equity in the home.

  • Refinance must lower the principal and interest payments of the previous mortgage

  • Mortgage payments must be current

  • Mortgage must be at least 6 months old

  • No Cash Back to Borrower

  • No Income Verification Required

  • No Employment Verification

  • No Pay Stubs or W-2 forms

  • No Termite Report Required

  • Borrower must be current on any federal debts

  • Borrowers with a late payment can still qualify for the is program... ...

The FHA refinance is to result in a lowering of the borrower's monthly principal and interest payments. This Program is a No cost refinance loan, also no out-of-pocket expenses to the borrower. All FHA-Secure home loans will not have any mortgage pre-payment penalties as is traditional with FHA loans.


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