fha streamline refinance pmi

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In a FHA streamline refinance transaction, you home isn’t subject to an appraisal and there is no income, credit score or employment verification. In essence, all you’re doing is swapping in a new interest rate, resetting the loan term and applying new the new mortgage insurance premium (MIP) structure.

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A: An FHA Streamline Refinance allows you to refinance a current FHA Mortgage. The property has to be owner occupied with one exception The property has to be owner occupied with one exception * If you originally purchased the property as an owner occupied residence and later moved, and it’s now an investment property, you are still eligible for an FHA Streamline Refinance, despite the new occupancy.”

Streamline. A streamline refinance involves minimal underwriting and is designed to lower the borrower’s principal and interest payment. Only available to existing FHA-insured mortgage borrowers, the streamline maximum LTV is 97.75 percent. The streamline may.

Streamline Refinance, Simple Refinance: For refinance of previous mortgage endorsed on or before May 31, 2009 UFMIP: 1 (bps) (.01%) All mortgages All Mortgage terms base loan amount LTV Annual MIP (bps) Duration All 90.00% 55 11 years > 90.00% 55 Mortgage term For mortgages where FHA does not require an appraisal, the value from the previous mortgage

The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing fha mortgages. It is sometimes also called an FHA-to-FHA refinance. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their mortgages into today’s mortgage rates.

Between the paperwork, fees and seemingly endless phone calls to your lender, refinancing your home can be a major headache. If your mortgage loan is insured by the federal housing administration, you may be able to avoid some of the hassle by applying for an FHA Streamline Refinance.You have to meet certain requirements to qualify and it helps to understand what to expect before you get started.

The FHA Streamline Refinance is an FHA-insured mortgage, and FHA borrowers are required to make two types of mortgage insurance payments – an upfront mortgage insurance payment paid at closing. FHA Refinance Maximum Total Loan Amount Worksheet – FHA Refinance Maximum Total Loan Amount Worksheet Formula #1 Unpaid Principal Balance $.