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Refinance
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FHA Streamline Refinance
Loan Term:
30 / 25 / 20 / 15 years
Max Loan Amount:
loan amounts vary by county and state
Equity Required:
roughly 3% of appraised value
Available for:
Owner-occupied primary residence, Condos, 1-4 unit properties (you must occupy one of the units)
Loan Features:
Fixed interest rate and monthly payments
Your monthly principal and interest payment will never change for the life of the loan. Get the peace of mind that you are protected from any future increases in interest rates.
Easy and affordable
This streamline refinance has reduced documentation requirements and it's easy to qualify. You can usually refinance with nothing more out of your pocket than you're normal monthly payment amount.
Various rate lock options
We offer a variety of rate lock options to help you achieve the rate you desire. Your personal loan officer can help you choose your most effective rate lock option after you apply for your mortgage.
Consider choosing this loan if:
You prefer predictable monthly payments and you are concerned that interest rates are going to rise in the future.
You current home is financed with an FHA loan and it is paid current.
You currently have an FHA loan and you wish to refinance, with no hassle and little expense, in order to lower your rate and payment.
To Proceed:
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Apply for this loan
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Speak with an experienced
professional about this loan.
Other
FHA home loans:
FHA 1 Year ARM
FHA 203K Rehabilitation Loan
FHA Fixed Rate Loan
FHA Streamline Refinance
(click on the loan to learn more about it)
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Learn more (key terms and concepts)
FHA Home Loans
FHA Home Loans feature low down payments and flexible guidelines to make it easier to qualify. FHA loans are popular with first time home buyers but they can be equally attractive to move-up buyers. FHA home loans are insured by the Federal Housing Administration (FHA), a division of Housing and Urban Development (HUD). HUD does not generally provide the funds for the mortgages, but they insure (see Mortgage Insurance) mortgage loans made by private industry lenders such as banks and mortgage bankers. HUD/FHA offers a variety of single family home loan programs including single family (1-4 unit homes) mortgage lending programs.
FHA Mortgage Insurance
Mortgage Insurance FHA mortgage loans include a Mortgage Insurance Premium (MIP). FHA home loans require mortgage insurance premium (MIP) to offset the insurance risk involved. HUD uses both one-time (for most single family mortgages except condo loans and 203K rehab loans) and monthly methods of collecting MIP. The one-time MIP is collected at the loan closing, and may be added to the loan amount and paid off along with the rest of the loan.
FHA Fixed Rate
FHA Fixed Rate FHA fixed rate loans are mortgages with an interest rate that does not change over time. If you refinance into an FHA fixed rate loan, your principal and interest payment will not change as interest rates rise. If you're original loan is an FHA adjustable rate (ARM), stop worrying about rising house payments and interest rate adjustments. The streamline refinance can help you lock-in a low FHA fixed rate mortgage today.
FHA Benefits
FHA mortgages offer advantages that tend to reduce the cost impact of MIP:
Entire down payment can come from a gift.
FHA loans feature low down payments and flexible guidelines making qualifying easier.
FHA Loans are assumable by qualified borrowers.
FHA offers the advantage of Streamlined Refinancing (no requalifying required).
Term Options
The Loan Term
is the number of years it will take to pay the loan back in full. Most commonly, mortgage terms range from 10 to 30 years. For our purposes, we will compare a 15 and a 30 year loan:
30 year loan
15 year loan
Extends principal payments
over 30 yrs.
(lowest payment available)
pay more total interest
when you pay over 30 years
Extends principal payments
over 15 yrs.
(higher monthly payment)
Pay less total interest
by paying over 15 years
Build equity faster
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All rights reserved. Revised: October 16, 2000.
