If you currently have an FHA loan, you may qualify for an FHA streamline refinance. Take a look at your current interest rate. If it is higher than the rates on the market now, you need to take a look at refinancing. FHA rates are still lower than historical averages. And, for your financial health, it is always good to save a little money now and then. Having the information before you call to refinance is a good idea.
What is an FHA streamline refinance loan? The streamline refinance is the same as the regular FHA refinance, just less paperwork. While this may sound like a selling gag, it can save you a good chunk of closing costs. In most cases the FHA lender will waive the appraisal.
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To qualify for a streamline loan, you must already have an FHA loan that you have made at least six payments on. And you cannot be currently delinquent. The focus of this type of refinance is to lower your monthly payments. These loans require that, if you have a current fixed rate and want to get fixed rate financing, then your new monthly payments must be at least five percent lower than your current one. If you have an ARM and would like to refinance to a fixed, or another combination, your mortgage professional will be able to provide more information.
And of course, even a FHA streamline refinance loan, has a few restrictions. You cannot be in late or defaulted on any federal debt. So if you owe the IRS a hunk of money, you will not qualify. Your lender is going to have to certify that you are employed and have a source of income. So, if you are currently unemployed, the streamline refinance may not be for you. There are other sources for refinancing in these conditions though. Your mortgage professional can help you decide on the best option.
A FHA streamline refinance is an excellent way to reduce your monthly payments while FHA rates are still low. There are two options for refinance in this situation. Some companies will offer a "no cost" option that means you will have no out of pocket expenses. The catch is that your interest rate may be a bit higher. The other option is to wrap the costs into the mortgage amount. Your payment may be a bit higher though, and you must have equity to cover it. Discuss both options with your mortgage lender and see which one is for you.
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