| FHA Mortgage Streamline Refinance loans are | | | | information together. |
| available to homeowners that financed their homes | | | | 4. Closing costs can be can choose to include them in |
| with FHA Loans. | | | | the new loan if there is enough equity in the home or |
| First a little history on FHA Refinance Loans. They | | | | they can choose to have no closing costs but that |
| have been available for a long time, all of the way | | | | may result in a higher interest rate. |
| back to the 1980's. Because of the popularity of FHA | | | | 5. The homeowner does not have to verify income or |
| Home Loans the Streamline Refinance Loans have at | | | | employment status. |
| least 20% of the home refinance market and it is | | | | Of course there are some qualifications that you will |
| increasing at a steady rate. | | | | have to meet in order to get the Streamlined FHA |
| FHA loans are very popular in today's housing market | | | | Refinance loan. |
| because of the low 3.5% down payment and the | | | | FHA Mortgage Streamlined Refinance Loans |
| lower credit scores needed to qualify for a loan. Most | | | | Qualifications: |
| conventional and insured conventional loans require | | | | 1. You can not be delinquent on your monthly |
| 20% down payment. The credit scores for FHA loans | | | | mortgage payments within the last 12 months. |
| can be around 620. | | | | 2. The new mortgage loan must reduced monthly |
| There are many advantages for this type of | | | | payments or the length of the loan. |
| refinancing. | | | | 3. No cash-out option is available. |
| The Advantages of FHA Mortgage Streamline | | | | 4. No credit qualifications. |
| Refinance Loans: | | | | Unfortunately things may be changing. FHA is |
| 1. The homeowner can get a lower interest rate and | | | | considering changes to their loan program because of |
| this will help them to reduce their monthly mortgage | | | | the cost of increased home foreclosures. Among the |
| payment. | | | | changes being discussed are the increase in mortgage |
| 2. They can change the terms of their existing loans | | | | insurance and higher credit scores to qualify for a |
| such as the length of the loan. | | | | mortgage. |
| 3. Quick processing and reduced paperwork and | | | | If you are considering refinancing your home mortgage |
| documentation. This is how they get the name | | | | now is a good time to do it before the changes take |
| "streamlined". It will take less time to close and you will | | | | place! |
| spend less time trying to get all of the paperwork and | | | | |