You can only refinance a fixed-rate FHA loan with a streamline refinance mortgage if the new loan means a reduction in your monthly principal and interest payments. The only way your payments can increase is if you refinance from an adjustable-rate loan (ARM) to a secure fixed rate 15 or 30 yr mortgage.
To get an FHA Streamline, the refinance must offer you a net tangible benefit. This means that the refinance must be beneficial to you according to the FHA’s guidelines. The definition of the net tangible benefit varies based on the details of your loan, but here are some general guidelines:
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An FHA Streamline is a great way to take advantage of historically low interest rates and lower your monthly payment because the process is simpler than what is required by most refinance programs.*Unlike a conventional refinance, an FHA streamline refinance may not require you to submit income documentation or get an appraisal.
Top Five Benefits of an FHA Streamline Refinance.. The only way your payments can increase is if you refinance from an adjustable-rate loan to a fixed-rate mortgage. Either way you benefit because either you have a lower payment or you escape from the uncertainty surrounding adjustable-rate.
Because of the benefits. rates drop, and the owner wants to refinance for a better deal. Even though he no longer lives in the house, FHA rules allow him to refinance into another FHA loan. An.
With a streamline refinance, since you already qualified when you took out your existing loan, the FHA doesn’t. and mortgage rates that are lower than this time last year, it’s worth finding out if.
"Tangible benefits" means some distinct help for the FHA Streamline refinance loan borrower in the form of a lower mortgage rate, a lower monthly payment, the ability to get into a fixed rate mortgage and out of an adjustable rate loan, etc. In most cases an FHA Streamline refi is meant to give the borrower one or more of these benefits.
A FHA streamline must result in a net tangible benefit (ntb) for the borrower – the refinance must improve the borrower’s financial position as defined by the FHA. Generally, NTB is defined as reducing the borrower’s "combined rate" by at least 0.5%.