What is the difference between streamline refinance vs regular refinance on fha loan?

While there is some truth in the "standard $3800" no matter where you go... what Wells fargo isn't telling you is that other lenders may be able to rebate more towards those fees than they are. so while they are right that those hard costs are there, they aren't mentioning that not every lender forces the borrower to pay them. The streamline refi is just about a no-brainer if you are already in an FHA loan. I'm not sure if the program will allow you to alter the way the loan is vested however (regarding your addition to the file). Additionally, adding income will NOT improve any possible pricing for you. FHA's are basically "pass/fail"... You either qualify or you don't.I've also found that FHA streamlines are difficult to qualify for unless your rate is at or above 5.625%. The reason is that the streamline requires you to save a certain amount per month, and with the recent doubling of the FHA mortgage insurance, this makes that requirement hard to qualify for.more info at my blog: http://www.oregonmortgageblog.com/mortgages/fha-streamline-how-to-qualify/

What no one has mentioned yet, is that on a true streamline, there will be considerably less documentation required by the lender that you would have to provide.Again, believe it would be nearly impossible to add name to the loan in a streamline format (but adding name won't really change the rate if you are dealing with reputable lender). As fstadler mentioned, it would help to know what the $3800.00 includes - as there may be differences between lenders, depending on what that number includes.

First you must have and exisiting FHA loan in order to do a streamline loan- the difference with a streamline vs a standard FHA refinance is that with a streamline there is no appraisal required. You are only allowed to borrow a loan amount equal to what your mortgage payoff is. The closing costs need to be paid by the borrower or can be credited by the lender for a higher rate. If you are wanting to add someone to the loan then this would reauire a full FHA loan. There is no such thing as standard costs as they will vary from one lender to the next. The only standards are escrows, pre-paids and state fees- everything else in closing costs are variable.