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FHA Streamline Refinance

For existing FHA mortgage loans, the FHA Streamline Refinance program is the most common and quickest way to refinance your home loan. The FHA Streamline Refinance program is unique because unlike most refinance loans, the streamline program does not require verifying income or assets. Depending on how much you have paid down on your original loan balance, no appraisal may be necessary. Beginning in January 2015, the new FHA MIP dropped to.85% from 1.35% and above.

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FHA Streamline Refinance

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  1. FHA Streamline Refinance

  2. For existing FHA mortgage loans, the FHA Streamline Refinance program is the most common and quickest way to refinance your home loan. The FHA Streamline Refinance program is unique because unlike most refinance loans, the streamline program does not require verifying income or assets. Depending on how much you have paid down on your original loan balance, no appraisal may be necessary. Beginning in January 2015, the new FHA MIP dropped to.85% from 1.35% andabove. For example, if you initially had a $200,000 loan, your new loan amount cannot exceed $201,500 or you will need a new appraisal on your property when you go through the FHA Streamline Refinance program. The FHA Streamline Refinance program will also allow for an unrestricted loan-to-value ratio, so you can refinance into a lower rate even if you are upside down on yourloan.

  3. FHAStreamlineRefinanceProgram Requirements: The FHA Streamline Refinance program willtake all the information used on the previous application when the buyer originally qualified for the loan. Thatis why the FHA Streamline Refinance program does not require verifying your current assets, credit score, and income. Your lender then repackages your application to give you your new mortgage with a lower interestrate. The refinance will give you a lower monthlyinterestandprinciplepayment (orconvertanARMtoafixedrateloan) You live in the home you want to refinance YouhavenotusedtheFHAStreamline programinthelast6months Youdonothavemorethantwo,30-day latepaymentsinthelastyear Nocreditscoreisnecessary,butlenders may impose credit requirements to develop a new mortgage with a lower interestrate

  4. No Borrowing Allowed on FHA StreamlineLoans Areyoulookingtogainaccesstotheequityinyourhome?Ifso,thestreamline programwillnotbetherightprogramforyou.Reasonbeing,theDepartmentof HousingandUrbanDevelopment(HUD),prohibitshomeownersfromwithdrawing equityundertheFHAStreamlineRefinanceprogram. No Borrowing Allowed on FHA StreamlineLoans There are closing costs initiated in refinancing through the FHA Streamline Refinance program. These FHA Streamline Refinance closing costs consist of lenderand/ormortgagebrokerfees.Theseclosingcostsmayberolledintoyour newloanandattachedtoyourmonthlymortgagepayment,butonlyifyougetan appraisalonyourhomeandthenewloanwillnotexceedtheoriginalbalanceby morethan1.5%.Ifyoudonotgetahomeappraisal,youwillneedtopayclosing costsoutofpocket.Yourlendermaybewillingtopaytheclosingcostsforyouif youacceptahigherinterestrate.

  5. Talk toUs MailingAddress 11411 Cedar Glen Flint , Texas 75762,USA EmailAddress sharon@horizonlendingservices.com PhoneNumber +1972-347-9224 Website www.horizonlendingservices.com

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