The FHA Streamline Refinance is designed for homeowners with existing FHA mortgages. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages into current mortgage rates.
The FHA Streamline Refinance program does not require a home appraisal. Instead, the FHA allows you to use your original purchase price as your home’s current value, regardless of what your home is actually worth today. This makes it an option for underwater homeowners.
FHA Streamline Refinance is available as a fixed rate or adjustable mortgage in 15-year or 30-year term. There is no FHA prepayment penalty. FHA Streamline Refinance loans typically feature the same interest rates as “regular” FHA loans. There’s no penalty for being underwater or for having very little equity.
A fast, simple way to refinance an existing FHA mortgage – even if you’e underwater.FHA Streamline Refinance
In order to qualify for a FHA Streamline Refinance your original home loan must be an FHA loan in good standing and the new loan must lower your monthly interest payments. This type of loan can reduce your monthly expenses but there is no option to receive cash back.
• Perfect 3-month payment history
• 210-day waiting period between refinances
• Demonstrate that there’s a Net Tangible Benefit (lower the monthly principal and interest payments or move from an ARM into Fixed Rate loan)
• Loan balance may not increase to cover loan costs
Calculate your refinancing options.
Features & Benefits
• Appraisal not required
• Reduced paperwork
• Relaxed credit requirements including no income verification, employee verification, or underwriting fees
• Easily increase or decrease the length of the term of your existing loan
• Take advantage of current low interest rates
• Little or no out-of-pocket costs
Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.
Ready to Apply?
Applying for a mortgage to purchase or refinance a home is simple with eLucid.
Share this Mortgage Option