No. 10: ‘FHA streamline refi: Do you past the test?’by Tim Manni
Number 10 on our Top-10 most popular articles of 2012 is: “FHA streamline refi: Do you past the test?”
Publish date: July, 19, 2012
Written by: Marcie Geffner
If you have an FHA mortgage, you might be interested in the Federal Housing Administration’s Streamline Refinance Program. The pitch — easy qualifying guidelines, no appraisal and less documentation — sounds appealing. But whether this loan makes sense for you might be more complicated to figure out.
For starters, you’ll need an existing FHA-insured mortgage on which you’ve made no payments more than 30 days late in the last 12 months. That’s because the program is intended to benefit current responsible FHA borrowers.
“This is one way that FHA can make a real difference to help homeowners who are doing the right thing, paying their bills on time, and want to take advantage of today’s low interest rates,” said Acting FHA Commissioner Carol Galante in a March 2012 statement.” By significantly reducing costs for these borrowers, we can make certain they cut their monthly mortgage burden.”
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