If you own a home and you still owe mortgage payments, chances are with interest rates as low as they are you are examining your refinancing options. In today’s economy everyone needs a way to lower their monthly payments and make housing more affordable. An Idaho FHA Streamline Refinance is a great way for a borrower to take advantage of the great interest rates on the market without needing to get an appraisal.
One of the best features of an Idaho FHA Streamline Refinance is that an appraisal does not have to be done on the property. As many of you know property values have been on the decline so appraisers have been coming back with values lower than what is needed to refinance many properties. That is why it is very beneficial not needing an appraise done when you refinance your home with an Idaho FHA Streamline Refinance. This also allows means that there isn’t an appraisal fee associated with your Idaho FHA refinance.
Idaho FHA Streamline Refi’s are a great way to lower your interest rate and your payment without going through the hassles of a standard refinance by not needing an appraisal and there is less documentation required from you by the lender.
A main benefit with Streamline FHA loans is that your monthly payments are permanently lowered. The extra money you have at the end of the month can go a long way toward helping you reach your financial goals.
FHA Streamline Requirements
There are certain requirements of a Boise Idaho FHA Streamline Refinance. First and foremost, your existing loan must be FHA-insured, current, and in good standing. The borrower must have opened the loan at least six months prior to refinancing. The Streamline Refinance must lower the borrower’s interest rate, thus lowering monthly payments. Cash back is not an option for this type of refinance.