Refinance Your Fha Home Mortgage Loan – Refinancing With The Streamline Process
You can now refinance your FHA loan with their streamlined process. With reduced paperwork, your lender can process your mortgage much quicker. There are some unique requirements to refinance your FHA loan, but you continued to be backed by the FHA through this process.
Basic Requirements
In addition to having a good credit record to refinance your home, the FHA also requires you to already be FHA insured and be current on your mortgage. Refinancing also has to lower the borrowers monthly payment, and no equity can be withdrawn.
Refinancing Packages
Financing companies offer a couple of different refinancing packages for FHA mortgages. A common package offers no up front payment to refinance. Often these types of mortgages are touted as no cost, but you pay higher interest rates for this option.
Another type of refinancing package allows closing costs to be included as part of the mortgage amount. This option is only available if there is enough equity in the property, which is determined by a FHA appraiser.
You can also choose a traditional...
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