FHA
streamlined loans emerged onto the mortgage scene in the early 1980's. Since then, thousands of
Ohio FHA home owners have utilized this program to lower their interest rate with fewer costs and relative ease.
A Ohio FHA streamlined refinance loan refers only to the amount of documentation and underwriting that is conducted on a loan file by the mortgage company. Mortgage companies may offer streamlines "no cost" (actually no out-of-pocket expenses to the borrower) by charging a higher interest rate on the new loan. Other companies may offer
a streamline refinance that wrap the costs into the new mortgage amount. Unfortunately, there must be sufficient equity in the property. Before deciding which option best fits your needs, it is important to weigh not only the costs but also the long term impact that a higher rate or a higher mortgage payment will have.
FHA streamline refinance loans with or without and appraisal, do not require credit underwriting.
While HUD does not disqualify a borrower for prior late mortgage payments,
individual lender may have restrictions. New individuals may be added to title on a streamline refinance without credit review. Deleting individuals from title on a streamline refinance may require qualification (certain exceptions may apply).
The following are basic requirements of an FHA streamlined refinance:
Income
Guidelines
Overcoming
Credit Problems
Where
to get down payment money