What is the history of the FHA Streamline Refinance Program?

In the early 1980's, the government launched one of the best programs available - the FHA Streamline Mortgage Refinance program. This program allows anyone with an FHA loan to lower their existing mortgage interest to the lowest rates available, with no credit checks, using their original FHA paperwork! So now, millions of Americans have the opportunity to drastically lower their monthly payments and literally cut thousands of dollars off of their mortgage!

The term "streamline" refers to the limited amount of documentation and underwriting that needs to be performed by the lender. The majority of this paperwork is already completed and only needs to be resubmitted to qualify for the refinance, which in essence "streamlines" the refinance process.


What are the requirements for a FHA refinance?

The only basic requirement is; you can not have any FHA mortgage payments that have been over 30 days late in the last 12 months.


Is there anything else I need to know about refinancing my FHA mortgage?

As with all loans, there are a few things that you can and can't do. If you currently have a 15 year fixed FHA loan, you can refinance to a 15 or a 30 year fixed or a 30 year variable. However, if you have a 30 year fixed or variable FHA loan, you can only refinance to a 30 year fixed or variable. In addition, you are not allowed to take money out through a FHA Streamline Refinance, and you can't refinance to a higher rate than you currently have. As you can see, these items don't apply to most people, but it is necessary that we post them here.


How long does a streamline FHA refinance typically take?

A typical streamline loan takes between 25 to 45 days to complete, depending on the time of the month that you lock in your rate.


When is my new mortgage rate actually locked?

Your rate is considered locked when the loan officer has personally verified your mortgage information and intent to refinance. Once your rate is officially locked, you have a limited number of days to provide the required paper work and information before the lock is lost. During the rate lock period your interest rate can not go up. However, if interest rates drop during the application period we will make every effort to refinance your mortgage at the lower rate.


How accurate are the interest rates shown on this site?

We keep the rates as up to date as possible each day. However, the rates shown are subject to banking holidays and available information provided by the lenders themselves.


Why go to such lengths to provide the best mortgage refinance rates?

That's simple. We want you to tell your family, friends and associates, how much you saved and just how easy it was to refinance your home loan with FHA Streamline Direct.com

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