Though the FHA streamline program has been around since the early 80’s the economic downturn from which we are very slowly recovering has brought new interest to this program. Streamline refinance are so named because of the diminished amount of paperwork which is needed to apply. Briefly the benefits which can be obtained in a FHA streamline refinance program are reduced monthly payments since by regulation a refinance cannot result in a greater indebtedness or a larger payment than the homeowner currently is paying. Many have chosen to access today’s historically low mortgage rates by refinancing now. Those who can afford to pay the closing costs up front, around $3000 in many cases can get the lowest rates available. Other lenders are offering no cost refinances which come at slightly higher than market rates to allow the lender to recoup the closing costs over the life of the loan.
Since FHA loans can only be processed by FHA approved lenders the best place to start is often your current mortgage servicer. They already possess much of the paperwork and while no appraisal is required for a streamline, no funds are available from a refinance either. FHA has other options available to help out homeowners who are looking for a reduction of their payments but the Streamline has proved quite popular over the years. If you wish to refinance in order to take some equity from your home, check the FHA’s website at for programs more suited to your needs.  Not satisfied with your current FHA servicer? You may work with another provider as long as they are an FHA approved lender.
The can put you in touch with FHA approved lenders who can help explain the entire process and connect you to expert advice and lenders who can help to make the process as simple and easy as possible. So, whether you seek an FHA Streamline with you paying the closing costs or a mortgage where there is no cost to you the place to begin is right here. Fill out the simple application form and the professionals from the Loanex Fast Cash will be in touch!