| y people are now struggling to make their mortgage | | | | before your loan can be eligible for any FHA |
| payments and aren't sure what they can do or where | | | | Streamline Refinance Mortgage Programs. |
| they can turn for help. Some of those people are | | | | The four basic qualifications are that your loan must |
| under the impression that there is nothing to do but file | | | | already be FHA insured, your mortgage cannot be |
| for bankruptcy and let their house go. Not only does | | | | past due or delinquent, the transaction must result in a |
| this put a strain on their credit history, but it will | | | | lower monthly principle and interest payments, and |
| eventually add to the growing housing problems. But | | | | there is to be no cash taken out from this transaction. |
| before you give up the keys to your home, you might | | | | If your loan meets those four requirements, you can |
| want to do a little bit more research to see what your | | | | apply to streamline your mortgage. |
| options are. Make sure to look into FHA Streamline | | | | Lenders can offer you an FHA Streamline Refinance |
| Refinance Mortgage programs that are specifically | | | | Mortgage in a variety of ways. Sometimes, you might |
| designed to help you lower your monthly payments. | | | | be able to find a lender that will offer you "no cost" |
| One common misconception about the FHA | | | | refinances, but what this really means is that there will |
| Streamline Refinance Mortgage Programs is that they | | | | be no out of pocket cost to you. Lenders will often |
| were just recently introduced to ward of more | | | | charge a higher interest rate than if you simply paid the |
| problems for the mortgage industry. Actually, FHA has | | | | closing costs in cash and because you are paying a |
| been offering FHA Streamline Refi loans since the | | | | higher rate, the lender will take care of the closing fees |
| early 1980s. But don't think that this is going to take | | | | on your behalf. |
| place over night. The word "streamline" really is | | | | The most important thing to remember when doing an |
| referring to the amount of underwriting and paperwork | | | | FHA Streamline Refinance Mortgage is to read all the |
| required by the lender. Another important point to | | | | paperwork and make sure you understand all the |
| remember is that this also does not mean there is no | | | | terms and agreements before you sign it. As long as |
| cost involved to do this. As with any mortgage, there | | | | you have an understanding of what you are agreeing |
| will be costs associated to do a streamline refinance. | | | | to, you should be fine with a FHA Streamline Refi loan. |
| There are a few requirements that need to be meet | | | | |