How to apply for FHA streamline refinance? Now, the first thing that should be known to hopeful aspirants, about the FHA Streamline Refinance program, is the fact that it is reserved for people who have a Federal Housing Administration (FHA) loan. Lenders may offer streamline refinances in several ways. Some lenders offer no cost refinancing, some offer no appraisal refinancing and some offer no credit check, no income verification refinancing etc. Lenders may seek and process streamline refinance applications from any area of the country, as long as the lender is approved for Direct Endorsement (DE) by at least one Homeownership Center (HOC), and, where necessary, licensed to do business in the state in which the property is located.
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The eligibility guidelines, which apply to some FHA streamline mortgage refinance programs, would be quite useful in understanding How to apply for FHA streamline refinance.To be eligible to apply for a mortgage plan through refinancing, the following stipulations must be adhered to:
1. To refinance though this plan, a mortgage must already be FHA insured.
2. The borrower should not have allowed payment lapse on this mortgage, to qualify for this program.
3. A lender participating in this program would have to be in agreement to the lowering of borrower's monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
4. With the streamline refinance process, cash out refinancing is not possible.
It is to the advantage of the borrowers that the application process for the FHA streamline mortgage refinance requires less complication. For FHA insured mortgages, permission to ‘streamline refinance’ exists since the early 1980s. The word ‘streamline’, attached to refinance, only imply simplifying or eliminating of unnecessary steps. Here, it refers to reduced documentation and underwriting process that a lender is expected to perform.
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By means of FHA streamline refinance mortgage, borrowers can hope for numerous benefits in the form of lowest interest rates, easily affordable monthly payments and low upfront fees. Besides, a borrower also has the opportunity to select a convenient loan term. Thus, looking for a new home loan, with FHA support, could be a winning situation for homeowners if the loan plan affords a substantial savings or investment opportunity along with building a good equity for the home.
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