FHA Streamline Refinance

A FHA Streamline Refinance is the fastest option to reduce your homes interest rate with the least amount of paper work, which in return saves you time and money. Because the streamline process uses your existing FHA loan paper work there is no additional papers to fill out. Anyone who has gone through the paper work process knows this can be a huge time strain. That is one of the main reasons the streamline process is so popular, it saves you time, and everyone knows time is money!

The FHA Streamline Refinance program began back in the 1980's when the government saw a need to make refinancing easier and more accessible. Back then the process was tedious, long, and extremely selective. Also affecting this was the fact that the economy could not support the growing number of home owners. The FHA was able to step in and steady the falling prices of homes so people were able to finance new homes and refinance existing home loans. Seeing a need to help all Americans be able to obtain a home loan and a mortgage refinance the FHA streamline process was dreamt up. The program was set up specifically for a faster approval process using less documentation.

Because of this program anyone with an FHA home loan can lower their interest rates to the lowest rate possible, with no credit checks, additional paper work, or added hassle! It uses your existing FHA loan paper work, so instead of filling out mountains of new paper work, you just submit your existing documentation.

It is called a Streamline Refinance because it makes the process quick, easy, and fast, as fast as only 25 days!

Some other points to note with a FHA Streamline Refinance

• There is not an option for cash back for a FHA Streamline Refinance
• You must use a FHA approved Lender
• You can include closing costs in the loan, but have to have the equity to cover these costs.