What Are The Requirements for a FHA Streamline Loan? – LoanRateUpdate

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What Are The Requirements for a FHA Streamline Loan?

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

READY TO SPEAK TO A PROFESSIONAL?

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

What Are The Requirements for a FHA Streamline Loan?

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

What Are The Requirements for a FHA Streamline Loan?

What Are The Requirements for a FHA Streamline Loan?admin2017-09-25T21:55:56-07:00

There are four basic requirements for securing a FHA Streamline loan. Those four requirements are:

– Your existing loan must already be insured by the Federal Housing Administration (FHA).

– Payments on your existing FHA loan must be current with no delinquencies in the last year.

– Refinancing your current FHA loan should result in the lowering of your monthly principal and interest payments. Under certain circumstances, you may be eligible for an FHA Streamline refinance if you are converting from an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

– “Cash-outs,” the practice of taking cash out when you refinance, are not allowed on an FHA Streamline refinance loan.

To refinance, you must use an FHA-approved lender. All closing costs must be paid upfront. “No-cost” loans are available, but result in a higher interest rate.

You may choose to include the closing costs into your loan, but this requires an appraisal which will determine if you have sufficient equity in your home to cover the amount. If you don’t have sufficient equity in your home or your home is worth less than the loan amount (“underwater”), you would not be eligible for this option.

Related Articles:

Learn about FHA Streamline Loans

Check to see if you are eligible for a FHA Streamline Loan

What are the advantages of a FHA Streamline Loan?

HOME LOANS CAN
BE CONFUSING

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WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

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SIMPLE

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What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

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HOME SELLING TIPS

If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.

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Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

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What Are The Requirements for a FHA Streamline Loan?admin2017-09-25T21:55:56-07:00

There are four basic requirements for securing a FHA Streamline loan. Those four requirements are:

– Your existing loan must already be insured by the Federal Housing Administration (FHA).

– Payments on your existing FHA loan must be current with no delinquencies in the last year.

– Refinancing your current FHA loan should result in the lowering of your monthly principal and interest payments. Under certain circumstances, you may be eligible for an FHA Streamline refinance if you are converting from an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

– “Cash-outs,” the practice of taking cash out when you refinance, are not allowed on an FHA Streamline refinance loan.

To refinance, you must use an FHA-approved lender. All closing costs must be paid upfront. “No-cost” loans are available, but result in a higher interest rate.

You may choose to include the closing costs into your loan, but this requires an appraisal which will determine if you have sufficient equity in your home to cover the amount. If you don’t have sufficient equity in your home or your home is worth less than the loan amount (“underwater”), you would not be eligible for this option.

Related Articles:

Learn about FHA Streamline Loans

Check to see if you are eligible for a FHA Streamline Loan

What are the advantages of a FHA Streamline Loan?

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.

HOME SELLING TIPS

If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

What Are The Requirements for a FHA Streamline Loan?admin2017-09-25T21:55:56-07:00

There are four basic requirements for securing a FHA Streamline loan. Those four requirements are:

– Your existing loan must already be insured by the Federal Housing Administration (FHA).

– Payments on your existing FHA loan must be current with no delinquencies in the last year.

– Refinancing your current FHA loan should result in the lowering of your monthly principal and interest payments. Under certain circumstances, you may be eligible for an FHA Streamline refinance if you are converting from an adjustable rate mortgage (ARM) to a fixed-rate mortgage.

– “Cash-outs,” the practice of taking cash out when you refinance, are not allowed on an FHA Streamline refinance loan.

To refinance, you must use an FHA-approved lender. All closing costs must be paid upfront. “No-cost” loans are available, but result in a higher interest rate.

You may choose to include the closing costs into your loan, but this requires an appraisal which will determine if you have sufficient equity in your home to cover the amount. If you don’t have sufficient equity in your home or your home is worth less than the loan amount (“underwater”), you would not be eligible for this option.

Related Articles:

Learn about FHA Streamline Loans

Check to see if you are eligible for a FHA Streamline Loan

What are the advantages of a FHA Streamline Loan?

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.

HOME SELLING TIPS

If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS