FHA STREAMLINE REFINANCE MAKES REFINANCING FAST AND EASY
“Streamline refinance” refers to the reduced amount of documentation and underwriting that a lender, such as Harbin Loans, must perform when facilitating a home refinance. Fundamental requirements of an FHA Streamline Refinance, reserved for homeowners with an existing FHA mortgage, are:
- The mortgage is current.
- The mortgage to be refinanced is FHA insured.
- The refinance lowers the borrower’s monthly principal and interest payments or involves the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
- No cash may be taken out in an FHA Streamline Refinance.
- FHA does not allow lenders to include closing costs in the new mortgage amount.
- Investment properties can only be refinanced without an appraisal.
APPLY FOR AN FHA STREAMLINE REFINANCE LOAN WITH Harbin Loans
Harbin Loans can determine if you are eligible for the FHA Streamline Refinance Program and can lower your monthly mortgage payment by refinancing your home loan if the above requirements are met.
An FHA Streamline Refinance does not require a home appraisal; therefore, homeowners can use the most recent appraised value logged per FHA records as the home’s current value.
Otherwise, the FHA Streamline Refinance is similar to other home mortgages. It’s available as a fixed rate or adjustable mortgage, and allows 10- to 30-year payment terms with no prepayment penalty. The rates are also as low as with regular FHA programs.0