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Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options.
If the home value falls between the lower and upper FHA loan limits, the one-unit limit is equal to 115% of the median sale price of a home in the area. For example, if the median sale price in a particular market is $500,000, the loan limit would be (115% of $500,000) $575,000.
10 Reasons to Consider an FHA Streamline Loan No Appraisal. ... Save On Interest. ... Low Or No-Cost Options Available. ... Shorten Length Of Mortgage. ... Convert Your Adjustable-Rate Mortgage Into A Fixed Rate. ... Your Credit Score Has Improved. ... No Penalty For Extra Payments. ... Get The Same Rates As Regular FHA Loans.
There are no LTV or combined LTV limits. The maximum allowable mortgage amount is based on the principal balance of the FHA-insured loan being refinanced.
The biggest difference between the FHA Streamline and most traditional mortgage refinance options is that the FHA Streamline doesn't require a home appraisal. Instead, the FHA will allow you to use your original purchase price as your home's current value, regardless of what your home is actually worth today.
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The FHA Streamline Refinance is a mortgage refinance product through the Federal Housing Administration (FHA) that can help homeowners with an FHA loan to lower their interest rate and reduce their monthly payment. As the name suggests, an FHA Streamline is a relatively speedy and simplified process.
For owner-occupied Principal Residences the \u201cmaximum Base Loan Amount\u201d for Streamline Refinances is the lesser of the outstanding principal balance of the existing Mortgage as of the month prior to mortgage Disbursement; or the original principal balance of the existing Mortgage.
Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options.
Timing. There are a few guidelines for how long you must wait between getting your FHA mortgage and doing an FHA Streamline Refinance: You must have made at least six payments on your FHA mortgage. At least 6 full months must have passed since the first payment was due on the mortgage.
10 Reasons to Consider an FHA Streamline Loan No Appraisal. ... Save On Interest. ... Low Or No-Cost Options Available. ... Shorten Length Of Mortgage. ... Convert Your Adjustable-Rate Mortgage Into A Fixed Rate. ... Your Credit Score Has Improved. ... No Penalty For Extra Payments. ... Get The Same Rates As Regular FHA Loans.

fha streamline refinance worksheet