Streamline Your FHA Mortgage
Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. "Streamline refinance" refers only to the amount of documentation and underwriting that the lender must perform.
The basic requirements of a streamline refinance are:
The mortgage to be refinanced must already be FHA-insured.
The mortgage to be refinanced must be current (not delinquent).
The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan.
Cash over $500 may not be taken out on mortgages refinanced using the streamlined refinance process.
Investment Properties are only eligible for FHA insurance if the borrower is a HUD-approved Nonprofit Borrower, or a state and local government agency, or an Instrumentality of Government.
Lenders may offer streamline refinances in several ways. Some lenders offer "no-cost" refinances (actually, no out-of-pocket expenses to the borrower) 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.
Contact our team ASAP if you are looking to take advantage of this unique opportunity to refinance quickly and save money as interest rates drop!
Lets get Started
By pressing “Submit,” you consent to receive text messages from Mission Mortgage Co, LLC. Messaging frequency varies. Message and data rates may apply. Expect important notifications about our services, updates on upcoming meetings, and replies from your dedicated representative. You can opt out at any time by replying "STOP" or send "HELP" for more info to any message. For more information, please read our Terms of Service and Privacy Policy.