What Are The Requirements for a FHA Streamline Loan?
What Are The Requirements for a FHA Streamline Loan?
What Are The Requirements for a FHA Streamline Loan?
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What Are The Requirements for a FHA Streamline Loan? 2017-09-27T02:01:49+00:00

There are four basic requirements for securing a FHA Streamline loan. Those four requirements are:

– Your existing loan must already be insured by the Federal Housing Administration (FHA).

– Payments on your existing FHA loan must be current with no delinquencies in the last year.

– Refinancing your current FHA loan should result in the lowering of your monthly principal and interest payments. Under certain circumstances, you may be eligible for a FHA Streamline refinance if you are converting from an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

– “Cash-outs,” the practice of taking cash out when you refinance, are not allowed on a FHA Streamline refinance loan.

To refinance, you must use a FHA-approved lender. All closing costs must be paid upfront. “No-cost” loans are available, but result in a higher interest rate.

You may choose to include the closing costs into your loan, but this requires an appraisal which will determine if you have sufficient equity in your home to cover the amount. If you don’t have sufficient equity in your home or your home is worth less than the loan amount (“underwater”), you would not be eligible for this option.

Related Articles:

Learn about FHA Streamline Loans

Check to see if you are eligible for a FHA Streamline Loan

What are the advantages of a FHA Streamline Loan?

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What Are The Requirements for a FHA Streamline Loan? 2017-09-27T02:01:49+00:00

There are four basic requirements for securing a FHA Streamline loan. Those four requirements are:

– Your existing loan must already be insured by the Federal Housing Administration (FHA).

– Payments on your existing FHA loan must be current with no delinquencies in the last year.

– Refinancing your current FHA loan should result in the lowering of your monthly principal and interest payments. Under certain circumstances, you may be eligible for a FHA Streamline refinance if you are converting from an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

– “Cash-outs,” the practice of taking cash out when you refinance, are not allowed on a FHA Streamline refinance loan.

To refinance, you must use a FHA-approved lender. All closing costs must be paid upfront. “No-cost” loans are available, but result in a higher interest rate.

You may choose to include the closing costs into your loan, but this requires an appraisal which will determine if you have sufficient equity in your home to cover the amount. If you don’t have sufficient equity in your home or your home is worth less than the loan amount (“underwater”), you would not be eligible for this option.

Related Articles:

Learn about FHA Streamline Loans

Check to see if you are eligible for a FHA Streamline Loan

What are the advantages of a FHA Streamline Loan?

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
What Are The Requirements for a FHA Streamline Loan? 2017-09-27T02:01:49+00:00

There are four basic requirements for securing a FHA Streamline loan. Those four requirements are:

– Your existing loan must already be insured by the Federal Housing Administration (FHA).

– Payments on your existing FHA loan must be current with no delinquencies in the last year.

– Refinancing your current FHA loan should result in the lowering of your monthly principal and interest payments. Under certain circumstances, you may be eligible for a FHA Streamline refinance if you are converting from an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

– “Cash-outs,” the practice of taking cash out when you refinance, are not allowed on a FHA Streamline refinance loan.

To refinance, you must use a FHA-approved lender. All closing costs must be paid upfront. “No-cost” loans are available, but result in a higher interest rate.

You may choose to include the closing costs into your loan, but this requires an appraisal which will determine if you have sufficient equity in your home to cover the amount. If you don’t have sufficient equity in your home or your home is worth less than the loan amount (“underwater”), you would not be eligible for this option.

Related Articles:

Learn about FHA Streamline Loans

Check to see if you are eligible for a FHA Streamline Loan

What are the advantages of a FHA Streamline Loan?

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.