FHA Streamline Refinance The FHA streamline refinance is open to those who want to refinance their existing FHA mortgage with another FHA mortgage. It is the simplest and easiest way to refinance an FHA loan. It offers FHA loans and other types of federally insured mortgages to customers in all 50 states. Many borrowers with adjusting ARMs (adjustable rate mortgages) look to refinance into fixed-rate FHA loans. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent. Is there a Bank of America FHA refinance program? The FHA Streamline Refinance is an option for homeowners looking to lower the interest rate and monthly payments on their existing FHA mortgage. This lets borrowers refinance with a process that is “streamlined” to cut down on the time and effort spent. The administration estimates that the program could help an additional 2 to 3 million homeowners refinance and lower their mortgage payments. The FHA’s streamline refinance program limits borrowers from taking out more than $500 in cash from the refinance. But one thing is certain – whether you have late payments or not in the last 12 months, if you speak with multiple lenders about the FHA streamline program and get quotes from multiple lenders, you will most likely end up with a lower rate and lower costs associated with the FHA streamline refinance. The first thing that you want to know is that just because you currently make your payment to Bank of America doesn’t mean that you have to use Bank of America for your FHA streamline refinance. The new loan must involve no cash back to the borrower, except for minor adjustments at closing, not to exceed $500. I paid them over $400 on my credit card to start the loan process which i was told would be 30 days. In essence, the normal refinance process is streamlined and made faster for your benefit! You can still refinance even if you are underwater – even if you owe more than your home is worth, you might still be able to get an FHA Streamline Refinance loan. The FHA Streamline is a refinance program from the Federal Housing Administration which could get you a lower rate on your FHA mortgage without an extensive qualification process. US Bank does a pretty nice job of letting the people who currently have a FHA loan with them that they may be eligible for the FHA streamline refinance program and that they may be able to save money each month. FHA mortgage loans provide significant benefits for … Bank of America offers a wide variety of mortgage refinance loans, including conventional loans of up to five million, and government-backed FHA and VA loans. fha 203(k) loan 203k Calculator – 203k Calculator The 203k Calculator page is a tool that allows users to accurately calculate the Maximum Mortgage amount after selecting the appropriate loan type and entering the required data. Yes, Bank of America helps people who currently have an FHA loan and are interested in the FHA streamline refinance program get more information as well as participate in the program if desired. Suite A, Englewood, CO 80112. There is no FHA prepayment penalty to worry about. Bank of America, best we can tell, is pulling them on EVERY person who calls to inquire. The FHA streamline refinance program at Bank of America has largely the same guidelines regardless of what lender you choose to go with. An FHA modification may lower your monthly mortgage payment. they just assume that it is only available at Bank of America. My new rate would be 3,875% with a 4.39% APR (current rate is 5% with a 6% APR). FHA Streamline refinance rates are the same as “regular” FHA loan rates. The Bank of America FHA Streamline Refinance: What You Want To Know. Credit-Qualifying Guidelines. Add To Bag ... Bank deposit products and services provided by First National Bank of Pennsylvania. According to the U.S. Department of Housing and Urban Development, the term “streamline” refers to the amount of paperwork involved, which is less than a normal refinance. If you have an FHA loan and a good record of making your payments on time, FHA Streamline loans have less paperwork, fewer requirements for eligibility, and a list of features that make them attractive for current FHA borrowers. What FHA Closing Costs Can the Seller Pay? FHA Streamline Refinance: Not Just Bank of America. To qualify for the FHA Streamline refinance program you must meet the following basic requirements: Loan to be refinanced must already be FHA insured. The FHA Streamline Refinance program does not require a home appraisal. As of June 2012, a standard FHA refinance loan upfront premium is 1.75 percent of the loan amount. Refinance thru Countrywide/Bank of America © Mortgage.info is not an offer to lend and we are affiliated. 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