What is a FHA streamline refinance?
Popular refinance program has a proven track record at Nutter
One of the most commonly asked questions we receive from our customers is, “What exactly is a ‘streamline refinance’?” We love answering this question because the FHA Streamline Refinance Program has been one of our favorite loan programs for almost 25 years. Why? Because FHA streamline refinances provide substantial savings to FHA homeowners in an efficient, “borrower-friendly” manner.
The FHA Streamline Refinance Program enables homeowners who have an existing FHA loan to reduce the interest rate on their mortgage without an appraisal. Eligible borrowers must have clear title to their property and be current on their existing FHA loan (no more than one 30-day late payment in the last year and none in the last three months).
FHA streamline refinances typically result in the lowering of your principal & interest payment, or under certain circumstances, the conversion of an adjustable rate mortgage to a fixed rate mortgage. No cash out may be taken.
There are a number of advantages to the FHA Streamline Refinance Program in addition to the monthly payment savings. At the top of the list is that FHA does not allow lenders to include the closing costs in the loan amount. For those homeowners who are especially concerned about the equity in their home, this is a great feature.
Perhaps just as important, there are no out-of-pocket expenses in a FHA streamline refinance unless you owe late charges to your previous lender. There’s no appraisal required and Nutter doesn’t charge a credit report fee.
Since the 1980s, Nutter has closed tens of thousands of FHA streamline refinances. To learn more about this unique program, you can research the HUD website here the HUD website, or feel free to contact one of our licensed loan officers. They know the FHA Streamline Refinance Program backwards and forward, and they don’t work on commission.
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