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Loan type: fha streamline refinance. Backstory: All homeowners with a Federal Housing Administration loan should explore ways to save on their mortgage. Home values are rising, mortgage rates remain.
FHA Streamline Refinance Benefits. An FHA Streamline refinance’s biggest benefit is it allows the homeowner to use the original purchase price of their home as its current value regardless of what its re-appraised value would be. What this means for you is the FHA may allow you to refinance even if you owe more than your home’s current worth.
If your mortgage loan is insured by the Federal Housing Administration, you may be able to avoid some of the hassle by applying for an FHA Streamline Refinance. You have to meet certain requirements to qualify and it helps to understand what to expect before you get started.
Streamline Refinance. FHA’s streamline refinance is a loan program with an expedited process for replacing a current FHA-insured loan. It can be completed without credit, income or employment verification and doesn’t require an appraisal.
VA streamline refinance, sometimes referred to as the Interest Rate Reduction Refinance Loan (IRRRL), is a specific mortgage product only available to active members of the military, reservists, and veterans with an existing VA home loan. The VA’s program shares many of the same features as the fha refinancing program, with a few major exceptions.
The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.
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The FHA streamline program is the best known and has been in existence since the 1980s. The FHA streamline program allows an FHA-to-FHA refinance to lower the interest rate and payment from the current loan without proof of income or a home appraisal.
If you opt for a no-appraisal FHA streamline, the loan amount may include: The current principal balance. Up to one month’s worth of interest due. The new upfront mortgage insurance fee. subtract out the upfront mortgage insurance refund, if applicable (usually applies only if the FHA loan was.
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So yes, generally speaking you can refinance an FHA loan down the road. You can refinance it into another FHA loan, using the streamline strategy mentioned.