Access To The FHA Streamline Refinance
Another advantage for FHA-backed homeowners is access to the FHA Streamline Refinance.
The FHA Streamline Refinance is an exclusive FHA program which offers homeowners one of the simplest, quickest path to a refinance. Via the FHA Streamline Refinance, there are no credit score checks, no income verifications, and home appraisals are waived completely.
In addition, via the FHA Streamline Refinance, homeowners with a mortgages pre-dating June 2009 get access to reduced FHA mortgage insurance rates.
FHA Loans Are Assumable
A little-known FHA benefit is that the agency will allow a home buyer to “assume” the existing FHA mortgage on home being purchased.
The buyer must still qualify for the mortgage with its existing terms but, in a rising mortgage rate environment, it can be attractive to assume a home seller’s loan.
5 years from now, for example, a buyer of an FHA-insured home can “inherit” a seller’s sub-4 percent mortgage rate.
What Are Today’s FHA Mortgage Rates
For more than 80 years, the FHA home loan program has helped U.S. homeowners purchase homes affordably and refinance them. Compare today’s rates and see what an FHA loan can do for you.
Take a look at today’s FHA mortgage rates now. Your social security number is not required to get started, and all quotes come with instant access to your live credit scores.
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