The FHA Streamline Refinance program gets its name because it allows borrowers to refinance an existing FHA loan to a lower rate more quickly. Avoiding a lot of paperwork, and often without an appraisal, the streamline option saves borrowers time and money.
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The FHA also has another streamline mortgage product that will help you modify or improve your home. It’s called an FHA Streamline 203(k) Loan, and it will make anywhere from $5,000 to $35,000.
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There is another Streamline product made for those who want a refinancing plan to help them modify or improve the home. This is known as an FHA Streamline 203(k) Loan. The 203(k) is similar to ordinary Streamline loans with a few exceptions. The 203(k) has a minimum of $5,000.
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What is an FHA loan? An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA for short. Popular with first-time homebuyers, FHA home loans require lower.
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FHA streamline refinancing allows borrowers to get a lower rate on their existing FHA loan. Learn more about the why and how to refinance an existing FHA loan .
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Unlike other mortgage refinance options, the FHA streamline refinance program offers borrowers with an existing FHA mortgage a new FHA-insured home loan without requiring an appraisal or any documentation of income or assets.
For a 30 year fixed fha Streamline refinance mortgage. If your current FHA loan was closed before May 31st 2009 you will only have a .01%.