FHA Streamline Refinance
Refinance your FHA loan with limited documentation, even if you are underwater on your mortgage.
What is FHA Streamline Refinancing?
A 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. The basic requirements of a streamline refinance are:
- 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.
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.
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We Are CountryPlace Mortgage
CountryPlace Mortgage is the nation's premier lender for manufactured, modular, and mobile homes. We offer a one-time close construction loan for new homes. We make financing or refinancing your home simple and easy. If you own a manufactured or mobile home, or are thinking about purchasing a new or existing home, Countryplace Mortgage should be your lender of choice. We can finance your manufactured or mobile home whether it's tied to the land or in a mobile home park.
Founded in 1995, Countryplace Mortgage is a direct lender with both Fannie Mae and FHA. That means that we can offer you the most competitive rates, with down payments as low as 3.5%. When financing a manufactured, mobile, or modular home, it is important that you are working with a mortgage professional that understands these unique properties. Whether it's a chattel (home-only), land/home package, or construction loan we have the expertise to help you navigate today's challenging mortgage process. Many of our Loan Officers have several years experience originating manufactured and mobile home loans.