Now that the FHA Streamline Refinance is available for existing borrowers, FHA refinance applications are expected to soar. This FHA no cash out refi is a quick and easy process that will result in obtaining the current low FHA mortgage rates. It is estimated that millions of existing FHA borrowers will be able to take advantage of this opportunity which purpose is to provide a significant amount of savings each month through the extreme reduction of both the upfront mortgage insurance premium and the annual mortgage insurance premium. In order to be eligible for the FHA streamline refinance with no cash out, the borrower must hold a current FHA insured mortgage that was endorsed prior to June 1, 2009.
With today’s economy, the FHA streamline refinance offers borrowers one of the most sought after benefits not readily available for mortgages, debt to income ratios are not required. FHA borrowers who may not have the ability to qualify for a typical refinance can do so with much less credit documentation. Those who have a good mortgage payment history which is required, but late payments on other credit accounts, can still qualify for the FHA streamline refinance. Borrowers who have suffered an employment layoff or reduction in pay can also qualify for the FHA streamline refinance. Credit qualifying is not required as long as the long to value does not exceed 97.75% and the CLTV does not exceed 125%. Lenders even have premium pricing that can be used to cover the borrower’s closing costs if cash is not available for closing.
The FHA streamline refinance with no cash out does not require an appraisal for loan to value calculations. With this type of transaction, the LTV/CLTV will be taken from the current value that is shown through the FHA portal. This FHA refinance product, that has been available since the 1980′s, is truly a streamline refinance in every way. In order to find out if qualified for this program with reduced FHA insurance premiums, borrowers can submit an online inquiry right here without the need for extensive personal information or social security number. Borrowers who use this method can expect a response within minutes of their online submission.
FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7 to 1% point origination fee.
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