FHA Streamline Refinance Loans

A Silicon Valley FHA streamline refinance loan is a popular option for many people who live in the Silicon Valley and currently have an FHA mortgage. Thanks to the FHA streamline refinance program, it is possible to lower your interest rate and get a lower mortgage payment each month without having to completely re-qualify for a new loan.

Refinance Without Needing An Appraisal

The main criteria for participating in the FHA streamline program are that you must live in the property and that you can’t have more than two, thirty day late payments on your mortgage in the last 12 months.

Assuming that you live in your house and that you have less than 2 thirty day late payments in the last 12 months, you are eligible to participate in the FHA streamline program and will probably need an appraisal unless you can qualify for the FHA streamline program without appraisal.

FHA Streamline Program Without Appraisal

The only way that you will need an appraisal when you go through the FHA streamline program is if your new total loan amount exceeds your original loan amount by 1.5%. So, if you originally had a $100,000 loan, your new loan amount cannot exceed $101,500 or you will need a new appraisal on your property when you go through the FHA streamline program.

FHA Streamline Closing Costs

There are costs involved with the Silicon Valley FHA streamline program, but they can either be rolled into your loan or paid by your lender in exchange for a higher interest rate. This is also known as the FHA streamline program with no out of pocket closing costs or the FHA streamline program with no closing costs.

Most often, when a person participates in the Silicon Valley FHA streamline program, they will still be in an FHA 30 year fixed rate loan, but with an interest rate that is lower than what they had before. Often this reduced interest rate can mean hundreds of dollars of savings each month in interest. Obviously, the Silicon Valley FHA streamline program is popular only when interest rates have fallen to the point where it makes sense for people to streamline.

Is the Silicon Valley FHA streamlineprogram right for you? Find out more by speaking with one of our Arizona FHA streamline experts today!