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Helpful Calculators Mortgage Resources
Pre-Qualification |
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FHA Streamline Mortgage Lower your payments and build equity faster Apply now and close in days The FHA has created a rate reduction program called the FHA Streamline Mortgage. This provides a way for current FHA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan. No Cost FHA Streamline Mortgage lets you refinance your mortgage with no out-of-pocket expenses. One option is to let the lender pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan. If you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today. The FHA Streamline Mortgage. The FHA Streamline Mortgage 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. The basic requirements of a FHA Streamline Mortgage are:
Lenders may offer FHA Streamline Mortgage and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. FHA Streamline Mortgage can also be done without appraisals, but the new loan amount cannot exceed what is currently owed, i.e., closing costs may not be added to the new mortgage with those costs either be paid in cash or through the premium rate as described above. Investment properties may only be refinanced without an appraisal and, thus, closing costs may not be included in the new mortgage amount. It allows existing FHA borrowers to reduce their interest rate without having to jump through hoops. FHA Streamline Mortgage refers only to the amount of documentation and underwriting that needs to be performed by the mortgage company, and does not mean that there are no costs involved in the transaction. Lenders may offer FHA Streamline Mortgage in several ways. Some lenders offer "no cost" refinances by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. The mortgage to be refinanced must already be FHA insured. The mortgage to be refinanced should be current (not delinquent). 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 NJ Property Mortgages 973-509-9500 The above is subject to change without notice. This information is to assist the public and is not an offering of credit as defined by section 226.2 of Reg. Z Rates and fees are subject to change based on market conditions. |
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