FHA streamline refi's were put into place to assist homeowners that have a FHA mortgage and would like to take advantage of obtaining a lower rate and payment. There are only a few benefits left to this streamlined process. There is still the option of not having to have an appraisal and using the appraised value that was used for your last FHA loan. Income verification is also waived. This opens the door for many people that have had some declines in income or have lost equity in their homes recently.

The costs are relatively less expensive that traditional refi loans. Closing costs are usually absorbed by the lender and usually, you only need to come to the closing with a current mortgage payment. The loans can usually be closed within a couple weeks or less and you can be on your way to having a lower rate and payment.

I can be reached for comment at PatrickM@Northpointe.com 866-901-3576