FHA Streamline refinances are another great refinance product for home owners with an existing FHA mortgage. These loans require no appraisal, no credit score verification, no income verification, and no employment verification. They are the perfect, easy refinance loan to reduce an interest rate or reduce mortgage insurance on an FHA loan. As of 1/27/2017, the mortgage insurance (MI) rate is reduced from .85% of the loan amount to .60%. If you’re MI is greater than .60%, you could qualify for an FHA streamline and reduce your monthly mortgage payments. FHA streamlines must show a net tangible benefit to the borrower by reducing the “combined rate” by at least one-half of one percent. So in addition to lowering the MI rate by .25%, the interest rate would need to be at least .25% lower than your current FHA rate.
Another straight forward program without any FAQs so far. Reduce monthly mortgage payments and I don’t have to pay for an appraisal or verify credit, income, or employment….? Yes, please. Call me.