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FHA Streamline Refinances Post Strong Growth for Nation and Arkansas

By: Lisa Burden | September 14th, 2012

Borrowers continue to flock to the Federal Housing Administration streamline refinance program. Lenders refinanced more FHA mortgages in July than in June – about 42% more, according to government data. About 25,750 streamlined refinances closed in July, an increase over the 18,100 streamlined refinances closed in June. FHA endorsed almost 111,000 mortgages in July, up 21% from one year ago.

Arkansas presently has 7,652 active streamline refinances in force with a dollar amount of $800,922,164, according to government sources.

The FHA Streamline Refinance program drastically eliminates the amount of paperwork that has to be provided to the lender. The program’s requirements are minimal. A borrower does not have to demonstrate employment under an FHA Streamline Refinance. Income verification is not required and the borrower’s credit score is not checked.

But, borrowers must be current on their existing FHA mortgage and the refinance must show a legitimate reason for refinancing, i.e., “net tangible benefit.” One example of a net tangible benefit is refinancing from an adjusting ARM into a fixed rate loan and, of course, there’s always the benefit in lowering monthly mortgage payments by obtaining one of the super low interest rates available today. The streamline refinance does not allow for cash out. It is important to know that lender requirements may vary.

Borrowers are finding that obtaining a refinance through online resources is convenient. Instead of searching for a single lender to assist with an FHA Streamline Refinance, multiple lenders who are able to provide borrowers with more information about this program are available in one place. By submitting the online form, without the need of a social security number, a response is returned almost immediately.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7 to 1% origination fee.


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