Bay Area FHA Loans are ripe for the FHA Streamline Refinance

Bay Area FHA Loans are ripe for the FHA Streamline Refinance

With rates falling to all time lows, people are starting to ask a lot of questions about FHA streamline refinances. Usually they begin with, “Does FHA have a stated income refinance program?” to which I promptly respond “No”. They do however have a streamline refinance program that is designed to refinance borrowers who already have an FHA insured mortgage, into a lower interest rate. The program, designed to simply put the borrower into a better financial position, does not verify income.

Points to know for the FHA Streamline Refinance:

NO:

Appraisal

Credit Checks

Income Verification

Debt Ratios

The streamline refinance program was extremely popular in the early 90′s. Given the recent drop in interest rates the program it will again gain momentum.

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