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FHA Refinance Benefits:
1) You Don't Have to Do an Appraisal: If you have enough equity, and currently have an FHA loan, you can pre-qualify to a lower interest rate.
2) Your Credit is Not a Major Qualifying Factor: If you make your Mortgage Payments in a timely fashion, but your credit is not the best it can be, FHA will still allow for you to refinance your current mortgage.
3) No Up-Front Mortgage Insurance (MI) is Required: When you first purchased your home, you were asked to pay an Up-Front Mortgage Insurance Premium Fee, this fee was based upon the percentage of your purchase price. This has already been paid so their is no additional payment required.
4) FHA Streamline Refinances are Easy: That's why they are called Streamlines!
FHA has permitted streamline refinances on their FHA Insured Mortgages since the early 1980's. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction.
Qualifications to a FHA Streamline:
The mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced must be current and cannot be in a delinquent status.
FHA Streamline Refinances cannot exceed the original loan amount.
The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
No cash may be taken out on mortgages refinanced using the streamline refinance process.
Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.
Streamline your Current FHA Loan:
You can Refinance to a better Interest Rate, and include the Closing Costs into your New Loan Amount, this can only be done if there is sufficient equity in the property.
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