With mortgage rates taking a tumble over the last few days, loan officers with customers who have an FHA insured mortgage have been calling frantically to get them locked in at a lower rate.
What is an FHA streamline?
FHA Streamline refinance is a program designed to give borrowers who already have an FHA insured mortgage the ability to refinance to a lower rate without the expense and hassle of a traditional refi. Typically that means no appraisal, no credit check (other then a mortgage reference to make sure they have been on time and you can be late up to 2 times in the last 30 days depending on the lender), no employment information and little or no fees.
You need to remember that FHA is an insurance policy and not a lender. When you put that into perspective you realize that it is in the best interest of the FHA program to allow for streamlines. Lower payments equal less likely to default on there obligation which in turn means less of the FHA insurance pool being used up. Its just like regular insurance, its there but no one wants to use it unless they have to!
So when rates go down- FHA streamline is the way to go to lower your monthly payments.
Interested in a Streamline? Visit www.FHALoanHouston.com today and apply!