2/11/15 streamline refinance cheat sheet *New loan amount: can’t exceed the original principal amount of the existing FHA mortgage.Use Streamline worksheet to calculate maximum loan amount. Lower of current MIP or MIP refund must be deducted from principal balance.
A Federal Housing Authority Streamline Refinancing loan offers existing FHA homeowners a chance to refinance their homes, often without an appraisal. In order to be eligible and approved for the loan, you must show there is a “net tangible benefit” to you as a result.
This happens because the FHA won’t allow lenders to roll closing costs into the new mortgage without an appraisal. Since an appraisal isn’t required the FHA streamline refinance is a good option for those who are upside down on their mortgages. DID YOU KNOW: President Obama lowered the mortgage insurance premium on FHA streamline refinances to help more people take advantage of the lower.
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Feds Release QE3 To Keep Mortgage Rates Down – According to government data, lenders refinanced 42% more FHA (Federal Housing Administration) streamline refinances in July than the month earlier as homeowners take advantage of these reduced fees and low FHA mortgage rates through this quick and easy process.
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The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. Homeowners with conventional mortgages via Fannie Mae or Freddie can’t use it. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.
FHA Product Guidelines Updated 02/24/2017 9 Crescent Mortgage Company MIP Changes for FHA Streamline Refinances where the existing FHA Case was endorsed on or before 05/31/2009. The original endorsement date is on the Case Query screen in FHA Connection. Mortgage Insurance Premiums for Streamline Refinances (as defined above) Loans > 15 Years UFMIP
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One of the most consumer-friendly government refinances available is the FHA streamline. An FHA streamline is a refinance from one FHA mortgage to a better, lower rate FHA mortgage. Here are some of the features of FHA streamlines: No appraisal required ; No equity required – the home can be massively underwater and still qualify