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  1. Pros of FHA Streamline Refinance:
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    FHA Streamline Refinance Pros FHA Streamline Refinance Cons Easy to qualify, especially with non-credit qualifying option No cash-back allowed Access today’s lower interest rates Some lenders have stricter rules (so shop around!)
    themortgagereports.com/1604/fha-streamline-refin…
    Key highlights of the FHA streamline refinance program include not requiring borrowers to verify their job, income, assets or credit score as well as no maximum loan-to-value (LTV) ratio or appraisal report requirement. Program considerations include stricter loan terms, the additional expense of mortgage insurance premium (MIP) and loan limits.
    www.freeandclear.com/resources/mortgage-insight…
  2. People also ask
    The FHA streamline program is divided into non-credit qualifying and credit-qualifying refinances. Both types are designed to lower the monthly principal and interest payments on a mortgage insured by the FHA. Credit-qualifying streamline refinances require the lender to verify your income, check your credit and confirm your debt-to-income ratio.
    Both FHA streamline refinances and conventional loans have some benefits, including the ability to lower your interest rate and monthly payment. A streamline refinance is a great option for many borrowers because of the streamlined process, lower costs, lack of appraisal and option for no credit check.
    FHA Streamlines only allow up to $500 in cash out. FHA Streamlines are intended to help you lower your mortgage payment, so if you’re interested in taking cash out, you’ll need to choose another refinancing option, such as an FHA cash-out refinance.
    For non-credit qualifying applicants, the FHA Streamline Refinance shouldn’t affect your credit score too much because your lender is considering fewer factors on your credit report. With the credit-qualifying option, your lender reviews your credit score, credit history and full credit report.
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