There was a good article over at Mainstreet.com extolling the virtues of FHA streamline loans. If you have an FHA or VA loan at 6% or higher contact us today to see about streamlining your loan to a lower interest rate while you still can. Here are some excerpts from the article:
Federal Housing Administration (FHA)-insured mortgages have skyrocketed since 2006, and now FHA “streamlined” refinancing programs are following suit.
What’s not to love? FHA loans can be more consumer friendly, don’t require a home appraisal and it does not matter if your home is underwater (meaning the appraised value is less than the amount of money you owe on your mortgage loan).
…
Here are the details. FHA streamlined loans, also known as “rate reduction” loans are designed specifically for one big task; to reduce a homeowner’s monthly mortgage payment. It’s not rocket science but for the most part, it’s flying under the radar, possibly because only FHA mortgage-holders qualify.
But if you do qualify for an FHA streamlined mortgage, the package looks like a good one; maybe the most consumer-friendly and cost-effective refinancing program out there.