FHA Streamline Refinance is a rate reduction Loan program for FHA mortgage borrowers. The streamline FHA program refers to the lesser amount of documentation and underwriting in the process. With a FHA Streamline Refinance loan you do not need an appraisal, a credit check, income verification or employee verification FHASecure is a new FHA loan program that will give you a refinancing option enacted on August 31, 2007 to assist home owners who are now facing a mortgage default or foreclosure due to the mortgage payment adjustment of their subprime loans.
There are some guidelines to qualify for FHA streamline refinance which may be listed as follows -
The mortgage which is to be refinanced must be FHA insured
The mortgage should be current in order to be refinanced
Borrower's monthly payments on principal and interest should get reduced as a result of it
Streamline refinance may not be used to take out cash on the mortgage that is refinanced
Homeowners need three percent cash or three percent equity in the home.
Refinance must lower the principal and interest payments of the previous mortgage
Mortgage
payments must be current
Mortgage must be at least 6 months old
No Cash Back to Borrower
No Income Verification Required
No Employment Verification
No Pay Stubs or W-2 forms
No Termite Report Required
Borrower must be current on any federal debts
Borrowers with a late payment can still qualify for the is program... ...
The FHA Streamline refinance is to result in a lowering of the borrower's monthly principal and interest payments. This Program is a No cost refinance, also no out-of-pocket expenses to the borrower. All
FHA-Secure home loans will not have any mortgage pre-payment penalties as is traditional with
FHA loans.
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