What is the history of the FHA Streamline Program?
In the early 1980's, the government launched one of the best refinance
programs available - the FHA Streamline program, which allows anyone
with an FHA loan to lower their rates at any time to the lowest
rates available, with no credit checks, using their original FHA
paperwork! This means that millions of Americans have the opportunity
to drastically lower their monthly payments and literally cut thousands
of dollars off of their mortgage!
The term "streamline"
refers to the limited amount of documentation and underwriting that
needs to be performed by the lender. The majority of this paperwork
is already completed and only needs to be resubmitted to qualify
for the refinance, which in essence "streamlines" the
What are the requirements for a streamline
The only basic requirement of a streamline refinance is; you can
not have any FHA mortgage payments that have been over 30 days
late in the last 12 months.
Is there anything else I need to know about
the FHA Streamline program?
As with all loans, there are a few things that you can and can't
do with an FHA Streamline. If you currently have a 15 year fixed
FHA loan, you can refinance to a 15 or a 30 year fixed or a 30 year
variable. However, if you have a 30 year fixed or variable FHA loan,
you can only refinance to a 30 year fixed or variable. In addition,
you are not allowed to take money out through a streamline refinance,
and you can't refinance to a higher rate than you currently have.
As you can see, these items don't apply to most people, but it is
necessary that we post them here.
How long does a streamline refinance typically
A typical streamline loan takes between 25 to 45 days to complete,
depending on the time of the month that you lock in your rate.
When is my rate actually locked?
Your rate is considered locked when the loan officer has personally
verified your mortgage information and intent to refinance. Once
your rate is officially locked, you have a limited number of days
to provide the required paper work and information before the lock
is lost. During the rate lock period your interest rate can not
go up. However, if interest rates drop during the application
period we will make every effort to refinance your mortgage at the
How accurate are the interest rates shown
on this site?
We keep the rates as up to date as possible each day. However, the
rates shown are subject to banking holidays and available information
provided by the lenders themselves.
we go to such lengths to provide the lowest mortgage refinance rates?
We want you to tell your family, friends and associates, how much
you saved and just how easy it was to refinance your home loan with
FHA Streamline Direct.com
here to Select your Rate