FHA Streamline Refinance

The Federal Housing Administration (FHA) has created a rate reduction program called the Streamline Refinance. This provides a way for current FHA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan.

• NO appraisal
• NO income verification
• NO face-to-face application

"No Cost" Streamlines let you refinance your mortgage with no out-of-pocket expenses. One option is to let FirstTrust pay the costs in exchange for a higher interest rate. Another option that lets you obtain market rates is to roll the closing costs into the new loan.

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Basics of the FHA Streamline Refinance:

• Borrower's original loan must already be an FHA insured loan.
• The refinance must lower the principal and interest payments of the previous mortgage payment.
• The mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. Borrower must have had the FHA mortgage for 6 months.
• Borrower cannot receive any cash back.
• No income or employment verification - No pay stubs or W-2 forms.
• Appraisal only required if rolling in the closing costs. Streamlines without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium, plus the new upfront MIP if it is to be financed in the mortgage.
• Any other liens must be subordinated to the FHA loan.
• Borrower must be up-to-date on any federal debts.

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