An FHA Streamline Refinance is a loan product that is reserved for homeowners who have an existing FHA home loan. An FHA home loan is a flexible home loan offered by Mortgage Connect and is part of the U.S. Department of Housing and Urban Development (HUD).
FHA Streamline Refinances are the fastest and most simple way for a homeowner with an FHA-insured home loan to refinance their existing mortgage because the FHA allows the home’s original purchase price to be used as the current value of the home rather than requiring an appraisal. This may be a good option for homeowners who are underwater on their mortgages because the loan will be based on the original purchase price regardless of what the home is actually worth when the homeowner refinances.
First and foremost, you must already have an FHA home loan. Additionally, when you apply for your FHA Streamline Refinance, we will consider your income, assets, liabilities and credit history. Having less-than-perfect credit is not a barrier to an FHA home loan. The following are some other requirements for consideration:
There are many factors to consider when refinancing. A licensed loan officer from Mortgage Connect can help you determine whether an FHA Streamline Refinance would be beneficial in your situation.
Aside from the no-appraisal benefit, FHA Streamline Refinances are just like other FHA loan products. They come in a 15-year or 30-year term, and both adjustable rate and fixed rate options are available.Apply Now