In today’s housing crisis, there are many questions to be answered when considering a mortgage refinance to take advantage of these historically low interest rates in 2009. Many of these questions like what is my house worth, do I owe more on my mortgage than my home is worth, what does my credit look like, what are my credit scores can be dismissed if you have an FHA Mortgage and you are eligible for an FHA Streamline Refinance Loan.
FHA Refinance requirements for FHA Streamline Loans are limited only by current mortgage payment history, the original mortgage being refinanced must be an FHA Mortgage already, the monthly mortgage payment must go down with the refinance, there is no cash out to the homeowner at closing, and whether or not there is an appraisal for the home’s value.
No Appraisal Needed For An FHA Streamline Refinance Loan
In general, if you are only looking to lower your interest rate to get a more affordable mortgage payment then the FHA Refinance Loan Guidelines for a streamline mortgage do not typically consider your credit report and credit history other than what your FHA mortgage payment history has been. Chances are, you will also not have to disclose your income, assets, or home’s value if all you are trying to do is lower your FHA mortgage interest rate and monthly payment.
It is certainly good news in 2009 to not have to get an appraisal for some FHA Streamline Refinance programs since in many areas around the U.S. home values have dropped. In many cases homeowners are finding themselves owing more on their mortgage than their home is worth. For those of you who have an FHA Home Loan and want to refinance, you should be checking with a mortgage lender about an FHA Stream Refinance Loan as you most likely won’t have to get an appraisal even if your home is now worth less than what you owe on your mortgage.
For more information on an FHA Streamline Refinance Loan please complete the following information and we’ll help you get started.
You can also find more information about FHA mortgages in our FHA Education Articles section.