Q.
What is a FHA streamline refinance loan?
A. FHA streamline refinance is simply a mortgage refinance
of an existing FHA loan with limited amount of documentation and qualifications thereby
"streamlining" the loan process.
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Q.
What does a FHA streamline cost?
A. There is various types of Interest Rate and Fee
combinations for FHA streamline refinance. The most common that is advertised is a no
costs loan where the lender pays for your closing costs. You may refinance with absolutely
no costs to you but at a slightly higher interest rate or you may refinance with all costs
paid out of pocket and the lowest available interest rate. We present you with all of your
options and try to tailor a loan the best suites your needs.
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Q. What are the qualifications of a FHA streamline?
A. For you to qualify for a FHA streamline refinance there
is basically only two qualification requirements: (A) Most currently have a FHA loan.
(B) Most be current on your mortgage payment.
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Q. Will my loan balance go up when I streamline refinance?
A. Typically, your loan balance will stay the same but you
may choose to finance some closing costs but your loan amount will never exceed
your original loan balance.
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Q. What is the difference between a FHA streamline vs. a normal
refinance?
A. The difference between a FHA streamline and other
refinances has to do with the qualifications as well as the documents required to qualify.
For a normal refinance, you must qualify for the loan and provide all of your income,
banking, credit, and liability information as well as an appraisal. Typically the loan
cost will be higher than a FHA streamline refinance.
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Q. Can I consolidate bills with a FHA streamline?
A. You may not consolidate bills, mortgages, or get cash
back with a traditional FHA streamline refinance, as the loan amount can never exceed your
original FHA loan amount. FHA does allow for a bill consolidation loan and cash back but
it requires the normal qualifications of a traditional loan and an appraisal.
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Q. Will my credit be checked when I FHA streamline
refinance?
A. FHA only requires that we check your mortgage payment
history to prove that you are current on the mortgage payment. Your other credit will not
be checked and is not taken into account.
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Q. Is there an appraisal required when I FHA streamline
refinance?
A. FHA does not require an appraisal for a FHA streamline
refinance.
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Q. How long does a FHA streamline refinance take?
A. The FHA streamline process normally only takes 15-30
days. This will vary dependant on the amount of refinance volume that is taken place at
the time you are refinancing.
