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This is called the net tangible benefit which is "a reduced combined rate, a reduced term or a change from an ARM to a fixed rate mortgage that results in a financial benefit to the borrower." The showing of a net tangible benefit is an important, indispensable element in any FHA streamline refinance.
FHA’s net tangible benefit requirement for Streamline Refinance transactions is based on the existing loan and the new loan types. All Streamline refinance transactions must provide the net tangible benefit required by FHA, and exceptions cannot be granted.
The advantage of doing an FHA Streamline Refinance with an appraisal is that you are able to roll your closing costs into the loan. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent. FHA Streamline Without Appraisal
Ideally, an FHA streamline refinance loan can lower your monthly mortgage payment and save you thousands in interest over the life of your loan. But this isn’t always the case. To be certain, make sure to speak with an FHA-approved lender like American Financing.
Because the FHA streamline refinance program does not require a credit report, borrowers with low credit scores still benefit from the lower FHA mortgage rate.
The FHA offers a special refinance program called the FHA streamline refinance that requires very little documentation to get approved. If you currently have an FHA mortgage, the FHA streamline refinance may help you fast-track your efforts to lower your home loan payment – with fewer steps and less stress.
The FHA Streamline Refinance is an FHA-insured mortgage, and FHA borrowers are required to make two types of mortgage insurance payments – an upfront mortgage insurance payment paid at closing.
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Benefits of the FHA Streamline Refinance This program is popular for many borrowers who currently have FHA loans on their property. Refinancing, in general, is a good option for some homeowners, and you may want to consider the Streamline program if. You Can Secure a Lower Interest Rate
Five Advantages to Refinancing via FHA Streamline 1. No appraisal is required. The FHA allows you to use your original purchase price. 2. No verification of income or employment is required. 3. The process is easier and faster. The fha streamline refinance loan requires significantly less. 4..