Refinance Your FHA loan with FHA Streamline – A way to get a Lower Mortgage Rate With No Appraisal!
The FHA Streamline refinance program is a loan program designed to help homeowners across America take advantage of today’s extremely low mortgage rates and get a lower rate and payment on their FHA loan.
- The FHA Streamline is a refinance program from the Federal Housing Administration which could get you a lower rate on your FHA mortgage without an extensive qualification process. Simply put, the typical refinance process is streamlined! FHA Streamline is also known as FHA IRRRL (Interest Rate Reduction Refinance Loan).In order to qualify, you must currently be in an FHA loan. This is how it works:
- FHA Streamline is a refinance program for homeowners currently in an FHA loan.
- FHA Streamline is offered as a 5-year ARM (adjustable rate mortgage) or either a 15-year or 30-year fixed rate loan.
- No appraisal required.
- Minimal credit requirements.
If you’re in an FHA loan now and:
- Your current mortgage rate is higher than today’s mortgage rates.
- You owe more on your mortgage than your home is worth….this program might work for you.