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fha streamline benefits program

The net tangible benefit on the fha streamline program helps you determine if refinancing is the right choice for you. It is also a guide for the lender to determine if it is the right choice because you will have to pay closing costs and addition upfront mortgage insurance in order to fund the loan.

 · FHA Streamline. The FHA Streamline is a refinance mortgage loan available to homeowners with existing FHA mortgages. The program simplifies home refinancing by waiving the documentation typically.

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The FHA streamline refinance program helps current FHA homeowners lower their interest rate and monthly payment – it’s a fast and cost-effective way to refinance with lenient documentation requirements and credit standards.

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The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan. Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process.

The FHA Streamline Benefits Program As we mentioned above, the FHA’s streamlined refinance program is a benefit for individuals who have an FHA loan who want to refinance to another FHA loan. The "streamline" refers to the fact that there’s not as much documentation required from borrowers which helps speed up the underwriting process.

Your current mortgage must be an FHA loan. You can not refinance from another type using the FHA streamline program. You may switch from another type of mortgage into an FHA loan, but not with the streamline refinance. There must be a clear benefit to the borrower (also known as a "net tangible benefit").

The FHA streamline refinance program helps current FHA homeowners lower their interest rate and monthly payment – it’s a fast and cost-effective way to refinance with lenient documentation requirements and credit standards.

An FHA streamline refinance loan can lower your monthly mortgage payment and save you thousands over the life of your mortgage. This is due to lower interest rates and mortgage insurance savings means more money in your pocket. Because FHA streamline refinances offer many benefits and they are very easy to qualify for.