| In the early 1980's, the FHA Streamline Refinance | | | | by the lender, both resulting in a quicker refinance and |
| Program first made an appearance on the mortgage | | | | more money saved for the borrower. |
| stage. Since its emergence, many FHA home owners | | | | Since the lender isn't required to do an income |
| have benefited from the program. It is again gaining | | | | verification, order an appraisal, and the fact that the |
| popularity in the struggling economy. If you are looking | | | | FHA Streamline Refinance Program cuts out much |
| for ways to save money and reduced your monthly | | | | underwriting for the lender, the borrower's application |
| mortgage payments then you need to consider FHA | | | | often doesn't need to be completed in person. Rather |
| mortgage refinancing. | | | | the borrower can save time through completing the |
| The FHA Streamline Refinance Program has four | | | | application over the phone or through the internet. |
| main qualifying factors. | | | | Along with the previous mentioned benefits, after the |
| 1. First, the mortgage that is to be refinanced must | | | | FHA mortgage refinancing is complete, there are |
| already be insured by the FHA. | | | | continued advantages for the borrower. |
| 2. Secondly, the mortgage that is to be refinanced | | | | Those with good credit and little or no debt benefit |
| must be a current mortgage, it can not be a delinquent | | | | even more from the FHA Streamline Refinance |
| mortgage. | | | | Program. Once their monthly payment and interest |
| 3. Thirdly, the refinance must result in lowering the | | | | rate have been lowered, this allows the borrower to |
| borrower's monthly payment and interest rate. | | | | have money left over. This money can be used |
| 4. The final qualifying factor is that mortgages | | | | towards paying the house off in a more timely manor, |
| refinanced through the FHA Streamline Refinance | | | | completing improvements to the home that in turn |
| Program can not have any cash taken out of them. | | | | increase the homes value, or other personal expenses. |
| There are multiple advantages to the FHA Streamline | | | | What do you do if you don't have good credit? We all |
| Refinance Program. | | | | do not have good credit. If your credit is less than |
| The fact that the program is a "streamline" refinance | | | | perfect you still may be able to do a Poor Credit |
| brings forth advantages. With a streamline refinance, | | | | Refinance. You can get more information on Poor |
| the borrower does not credit-qualify or document | | | | Credit Refinance by clicking on the link at the bottom |
| income or employment. All the borrower needs is a | | | | of this article. |
| valid social security number. | | | | FHA mortgage refinancing has many advantages that |
| The lender can often times lower the borrower's | | | | greatly benefit the borrower. And with the FHA |
| interest rate without even ordering an appraisal. | | | | Streamline Refinance Program it could lower your |
| Without needing an appraisal, this can cut up to three | | | | monthly mortgage payments, save you money while |
| weeks off the borrower's waiting time and cut down | | | | being quick and easy to do! |
| on the amount of paperwork and underwriting required | | | | |