FHA Streamline Refinance FAQ

This new FHA Improve try a great re-finance system you to only latest FHA home owners are able to use. A keen FHA Streamline Refinance may help residents down the annual home loan advanced (MIP) if not get a partial refund of their initial MIP fee. When you used an FHA mortgage because the a first-time household buyer or a duplicate client, it refi system was created along with you in mind.

not, specific lenders may look at your credit history in any event

The latest FHA Improve Re-finance resets the financial that have a lower life expectancy notice rates and you may monthly payment. If you have a 30-year installment loans online in Arizona FHA financial, you can use the latest FHA Streamline so you can re-finance with the a cheaper 30-year mortgage. 15-season FHA consumers is also refinance to the a great fifteen- or 29-seasons loan. Continue reading It’s smaller and simpler than most re-finance software, without papers necessary for income, borrowing, otherwise house assessment →