The FHA Streamline Refinance allows home owners to refinance their FHA home loans without needing an appraisal. In today’s marketplace, many homeowners have little equity or are actually upside down on their home, but that won’t disqualify them from this program. In fact, the FHA has made it easier than ever to qualify for a Streamline Refinance.
FHA Streamline Refinances Benefits Include:
- No appraisal required
- Save hundreds every month
- Possible refund from your current escrow account
- Easy qualification guidelines
- Employment and income verification is not needed
- Credit score verification is not required
In 2011 the FHA made some big updates to their guidelines and made it very easy to acquire this kind of refinancing because they are in the business of guaranteeing loans, not supplying them. In other words, they want to make it as easy as possible for borrowers to keep making their payments and avoid defaulting on the loan.
Working with Professionals
It is important to make sure you are working with a loan officer that understands the new guidelines and how to maximize your savings. As with most loans the FHA Streamline Refinance is fairly standard, but that does not mean you will get the same rate and same result from one lender to another.
Our preferred lenders specialize in FHA loans and can help you analyze your options to make sure you get the very lowest rate in the marketplace. Simply use the form on this page and one of our specialists will contact you shortly.