Have an FHA loan? You can get lower payments now

If you have an FHA mortgage, you may be able to significantly lower your monthly payment -- even if you're in a traditional 30- or 15-year fixed rate loan or owe more than your home is currently worth -- thanks to a new government program called FHA Streamline.

All Federal Housing Authority loans qualify for the program, including 30- and 15-year fixed rate loans and all adjustable rate mortgages. FHA Streamline allows anyone to take advantage of lower mortgage rates by refinancing their current FHA loan into a lower fixed rate on a new FHA loan. A lower mortgage rate means a lower mortgage payment. A lower mortgage payment means more homeowners will be able to stay in their homes and avoid mortgage trouble and foreclosure.

Do you want a lower mortgage payment?

How can the FHA Streamline Refinance program help you save money? If you have a 30-year fixed rate loan for $250,000, at an interest rate of 7 percent, your monthly payment is approximately $1,663. Refinance that loan at a rate of just 5 percent, and your new payment would be about $1,342 - a savings of $321 every month, $3,852 in a year, and $115,560 over the 30-year life of the loan.

Do you want to refinance an FHA loan with no appraisal?

FHA Streamline makes it simple. With the relaxed guidelines recently approved by the government, it's possible to qualify for an FHA refinance with no appraisal and even no income verification. These rules make it easy and fast get a lower payment on an FHA loan. And, because no appraisal may be required, homes that are worth less than is currently owed on the FHA loan may qualify for refinancing.

Do you qualify for FHA Streamline?  Find out today.

It's easy to see why the popularity of FHA Streamline is growing fast. It's a program every homeowner with an FHA loan should look into. If you have an FHA loan, the FHA Streamline could lower your mortgage rate and payment today while still giving you the security of the FHA program.


Visit Quicken Loans to see if you qualify for this opportunity to refinance your FHA loan mortgage. Copyright ©, ARAnet, Inc.