The FHA Streamline Refinance Program Now Available With No Appraisal

January 13, 2013 /MarketersMEDIA/ —

The Federal Housing Administration (FHA) is now insuring mortgages that allow homeowners to refinance to lower rates with little or no costs. The program is called a FHA Streamline Refinance. The benefits to this program include approvals with no appraisal, regardless of the home's current market value, and reduced costs.

As of June 2012, the program is available to current FHA loan clients at costs half of the current mortgage insurance levels. The upfront mortgage insurance premium will now be only .01% and the annual premium will be .55%.

The benfits to the FHA program are the following:

- Home appraisals are not required.
- There is no income verification, employee verification, or underwriting fee that is required.
- Borrowers can easily increase or decrease the length of term of an existing loan.
- Mortgage rates are currently at historic lows.
- There is little or no closing costs.

Many people choose a FHA Streamline Mortgage, which allows homeowners to refinance with no out-of-pocket costs and most with no costs at all. There are typically no lender fees and third party costs can be covered by the lender in exchange for a slightly higher interest rate. Some clients choose to cover the third party costs to get the lowest rate available.

Requirements for the FHA Streamline Program include:

- Existing home loans must be FHA-insured, current, and in good-standing (with no mortgage lates for the prior twelve months)
- The borrower must have a seasoned loan - for example, the borrower must have opened the loan at least 6 months prior to refinancing.
- The refinance must lower the borrower's payment by 5% of their current principal and interest payment.

If a homeowner is able to qualify, an FHA Streamline Refinance is a popular option to quickly reduce monthly mortgage payments with limited documentation and paperwork. To get additional information about this mortgage program, contact Riverbank Finance LLC for a free consultation.

About Riverbank Finance LLC:
Riverbank is a local Grand Rapids mortgage company that specializes in helping Michigan homeowners reduce their mortgage payments through refinance programs.

Contact Info:
Name: Anthony Bird
Email: Send Email
Organization: Riverbank Finance LLC
Address: 1675 MICHIGAN ST NE SUITE E
Phone: 800-555-2098
Website: http://riverbankfinance.com

Release ID: 3390