Streamline Refinancing

An FHA Streamline Refinance allows you to refinance your current FHA loan into another FHA loan. An FHA Streamline allows you to:

  • Refinance into a lower rate and payment
  • Convert you FHA ARM into a fixed rate
  • Convert you 203(k) rehab loan into a 203(b) FHA loan
  • Shorten you loan term

There are several benefits to an FHA Streamline Refinance. Generally, no appraisal is necessary.

There are only a few requirements to obtaining an FHA Streamline loan, they are:

  • You must have been in your current FHA loan for a period of at least one year
  • Your current FHA loan must be current at the time of closing the new FHA loan
  • The new FHA loan must offer a lower payment or shorten the term without increasing your payment by more than $50
  • If current FHA loan is an ARM, and the new loan a fixed, the interest rate on the new fixed loan may not be more than 2 percent higher than that of the ARM

Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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