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What is an FHA Streamline Refinance?
The Federal Housing Administration (FHA) is a government-sponsored entity that insures mortgage loans for borrowers that normally would not be able to qualify with a traditional lender.
Along with home loans, FHA also provides refinancing. The process requires relatively much less paperwork and documentation, thus the name "streamline refinance."
According to FHA, streamline refinancing is only available for FHA-insured loans that are current (not delinquent).
Unlike the various reasons for deciding why to refinance a mortgage, FHA only allows refinancing so borrowers can reduce monthly principal and interest payments (as compared to the possibilities converting equity with cash-out refinancing).
Many lenders are able to execute FHA Streamline Refinance loans.
Next: Would you like to experiment with a refinance calculator or would you like to be matched with up to five mortgage refinance lenders?
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