The FHA streamline program isn’t new, but for an FHA mortgagee it’s an easy way to gain access to the historically low rates currently available. If you currently have an FHA Streamline Refinance Program and are in good standing (not in default) then the streamline may be the program for you. Here are some of the details:

• Refinancing of FHA insured mortgages only
• The mortgage should not be in default
• The refinance should result in lowering the borrowers P&I payments, or under certain circumstances, conversion of an ARM to a fixed rate
• No cash may be taken out using this streamline refinance process

There are several ways in which a lender can work this for the mortgagee, they can charge all closing fees upfront and offer the market rate, they can do a low cost or no cost refinance, by charging a higher interest rate and recouping the costs for the refinance through the higher rate.

The programs vary by lender as each of them may have different requirements to obtain the streamline refinance, since the borrower currently has a mortgage with the lender much of the paperwork from the original loan may be used streamlining the process. In certain cases a new appraisal may be required along with certain other documentation. If you are considering an FHA Streamline Refinance program, a Home Affordable Refinance Program or just looking to refinance at today’s historically low rates, the LoanexFastCash.com is your source for access to lenders and mortgage refinance help. Whether you are interested in a government backed program or just a conventional refinance, we have the help you need from experts you can trust.