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An FHA streamline refinance is a type of refinance loan available to FHA loan borrowers. As with any refinance, it involves taking out a new mortgage that you use to pay off your current one.It ...
The FHA UFMIP is partially refunded if the borrower refinances through the FHA streamline refinance program. This can lead people to refinance with the FHA to avoid refinancing costs, though better deals may be available on the open market. You cannot use the FHA streamline refinancing program if you are delinquent on the mortgage. [9]
“An FHA streamline is a unique loan program because there is no income qualification or appraisal needed,” says Brian Green, a mortgage lender and licensed loan officer in Sacramento, Calif.
To qualify for an FHA streamline refinance, you’ll need to meet the following requirements: You currently have an FHA loan. You’ve been making your payments and your loan is in good standing ...
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan that is provided by an FHA-approved lender. FHA mortgage insurance protects lenders against losses. [1] They have historically allowed lower-income Americans to borrow money to purchase a home that they would not otherwise be able to afford.
Streamline refinance: Available with an FHA, VA or USDA loan, a streamline refinance provides a faster route to a new mortgage, with less paperwork and underwriting.
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