B2 Funding
  • Home
  • Products
    • Homebuying Loans >
      • Fixed-Rate Loans
      • Adjustable-Rate Loans
      • Convential Loans
      • FHA Loans
      • VA Loans
      • USDA Loans
      • Jumbo Loans
    • Refinance Loans >
      • Fixed-Rate Refinance
      • Adjustable-Rate Refinance
      • Convential Loans
      • Cash Out Refinance
      • FHA Refinance Loans
      • FHA Streamlining Loans
      • VA Refinance Loans
      • VA IRRRL Loans
      • USDA Loans
      • HARP Loans
  • Resources
    • FAQ
    • Prepare
    • Helpful Links
    • Definitions
    • Mortgage News
    • Credit Scoring
    • Mortgage Calculator
  • Contact Us
    • Directory
  • Testimonials
  • Apply Now

FHA Streamline Refinance


This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

FHA has permitted streamline refinances on insured mortgages since the early 1980s. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction.

Lenders may offer streamline refinances in several ways. Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamline refinance. Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal. 

Streamlining Requirements:

 -The mortgage to be refinanced must already be FHA insured.
-The mortgage to be refinanced should be current (not delinquent).
-The refinance results in a lowering of the borrower's monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
-No cash may be taken out on mortgages refinanced using the streamline refinance process.
Picture

Special FHA Streamlining Option:

FHA Streamline Refinance MIP (For Loans Endorsed Before June 1, 2009)

If your existing FHA mortgage was endorsed prior to June 1, 2009, your mortgage insurance premiums have been "grandfathered". You can refinance via the FHA Streamline Refinance program and pay reduced rates for both for upfront MIP and your annual mortgage insurance premium.

Upfront Mortgage Insurance Premiums (UFMIP) For an FHA Streamline Refinance that replaces a loan endorsed prior to June 1, 2009, the new FHA mortgage's upfront mortgage insurance is equal to 0.01 percent of the loan size, or 1 basis point.

For example, if your new FHA Streamline Refinance is for $100,000 mortgage, the FHA will assess a $10 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically adds the $10 payment to your new loan balance.

Annual Mortgage Insurance Premiums (MIP) Annual MIP is similarly cheap for "old" FHA loans. For an FHA Streamline Refinance replacing an FHA loan endorsed prior to June 1, 2009, the annual MIP is 0.55% annually, or 55 basis points.

The complete annual MIP schedule is as follows :

  • 15-year loan terms with loan-to-value over 90% : 0.55 percent annual MIP
  • 15-year loan terms with loan-to-value under 90% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value over 95% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value under 95% : 0.55 percent annual MIP
15-year fixed rate mortgages with LTVs of 78% or less pay no annual MIP.

For an FHA Streamline Refinance which replaces a FHA loan endorsed prior to June 1, 2009 and for which the mortgage is a jumbo FHA mortgage (i.e. loan size exceeds $625,500), no additional mortgage insurance premiums are due.

Contact Us to See if You Qualify for These Special Programs

Loan Originator Contact
Picture

Proudly Serving Texas and Illinois




​Texas Location:

7100 Regency Square Blvd 
Suite # 230-04,
Houston, Texas 77036

Office: 713-300-1008
Fax: 713-893-6080

NMLS # 335991



​Illinois Location:

1727 Ellendale Drive
Northbrook, IL 60062
Office: 847-400-0600
Fax: 847-574-8301

NMLS # 324286

Picture
Equal Housing Lender. Figures deemed reliable, but errors may occur. Rates and terms subject to change without notice. This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under the underwriting requirements and satisfy all contingencies of loan approval. NMLS # 324286 Regulated by the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705 - www.sml.texas.gov - In Illinois Regulated by the Department of Financial and Professional Regulation - Division of Banking License # MB.6760918 http://www.idfpr.com/Bankingdefault.asp
In accordance with Section 326 of the USA PATRIOT Act of 2001, B2 Funding is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act. All trademarks, logos, trade names mentioned, used, or displayed on this site are owned by B2 Funding or otherwise are authorized for our use. You may not display or reproduce them without the prior written consent of B2 Funding. You may not remove, obscure, or otherwise modify any copyright, trademark, confidentiality or other proprietary rights notices displayed on, embedded in, or otherwise appearing in any Content offered by, viewed on, or received through this site.

Apply Now

Licensing and State Disclosure Information

Privacy Policy



© Copyright 2011 - 2019 - B2 Funding Corporation
Powered By Clicking Awesome
​
  • Home
  • Products
    • Homebuying Loans >
      • Fixed-Rate Loans
      • Adjustable-Rate Loans
      • Convential Loans
      • FHA Loans
      • VA Loans
      • USDA Loans
      • Jumbo Loans
    • Refinance Loans >
      • Fixed-Rate Refinance
      • Adjustable-Rate Refinance
      • Convential Loans
      • Cash Out Refinance
      • FHA Refinance Loans
      • FHA Streamlining Loans
      • VA Refinance Loans
      • VA IRRRL Loans
      • USDA Loans
      • HARP Loans
  • Resources
    • FAQ
    • Prepare
    • Helpful Links
    • Definitions
    • Mortgage News
    • Credit Scoring
    • Mortgage Calculator
  • Contact Us
    • Directory
  • Testimonials
  • Apply Now