FHA Sreamline Refinance Mortgage Guidelines

Through FHA streamline refinance, homeowners can bring down their FHA mortgage insurance premiums (MIP). Most FHA loans with over 15 years term may have 0.80 to 1.05 percent annual MIP. Those loans of up to 15 years may have an annual MIP of 0.45 to 0.95 percent.

The Different Types of FHA Streamline Refinance Loans Refinance to a mortgage with low fixed interest rate and choose from a variety of terms (the length of the mortgage. Or refinance to an FHA adjustable rate mortgage with a low fixed rate that ends after five years.

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Loans may even change from an adjustable rate mortgage (ARM) to a steady fixed-rate loan. fha cash-out refinance credit scores & LTV. Compared to conventional cash-out loans, FHA cash-out loans have relaxed guidelines that allow borrowers with lower credit scores and higher debt-to-income ratios to qualify.

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Cons of an fha streamline refinance. While an FHA Streamline Refinance offers some nice benefits for homeowners, you should consider these restrictions before you decide if it’s the right move for you. You have to pay an upfront fee for mortgage insurance at closing, which is currently set at 1.75% of the base loan amount.

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The FHA streamline refinance allows you to refinance your mortgage without an appraisal, no credit score, and no income documentation. In some cases, it allows you to lower your mortgage insurance – on January 26, 2015 they lowered the mortgage insurance premium (MIP).

An fha refinancing loan can get you many of the same results-if you refinance from a conventional loan to an FHA-insured refinancing loan you may get better rates and lower payments. A current loan. You must have all mortgage payments made on time for the last year.

FHA Streamline Loan Requirements. You must own the original property for at least six months before you can qualify for refinancing. To refinance you’ll need an FHA-approved lender. If you don’t want to use your current lender, any bank you choose must be FHA approved. FHA Streamline loans do not require an appraisal,

Among the most immediate changes, new borrowers early next year are likely to be charged slightly higher annual mortgage insurance premiums — 1.35 percent of the loan balance rather than 1.25 percent.