Are there any advantages to a normal FHA refinance over a streamline FHA refinance?

If your current loan was before March 31st 2009 and you do a FHA streamline refinance you will get to use the lower upfront and monthly mortgage insurance premiums saving you a lot of money. Most likely you will not be required to do an appraisal with the streamline. The only negative thing about the streamline is that you can not roll your closing costs into the loan like you can with a normal FHA refinance, but you can get a rate that gives a lender credit to cover most or all of the closing costs. I am a mortgage broker here in NJ please feel free to give me a call to discuss further. I would love to go over everything with you to see which is the best way for you to go. 201-962-3555 Michelle

It depends on if you have an FHA loan now.. if you don't have an FHA now, you cannot do the streamline refi.. if you do have an FHA now, you can do either.. by doing a streamline refi, no appraisal is required, but you cannot finance more than your current balance plus FHA's upfront mortgage insurance premium.. if you just do the regular FHA refi.. you can roll in your closing costs assuming your Loan to value is not greater than 97.75%, and there will be an appraisal required. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

A normal FHA refinance requires an appraisal, and full credit qualifying. A streamline does not require an appraisal, and a few investors will allow a no credit qualifying as long as your credit scores are high enough. I just closed on one of these last month. Borrower's debt to income ratio over 70%, but with a non-qualifying streamline, we lowered their rate and lowered their payment over $350. They chose to pay a slightly higher rate to have us pay their closing costs. The borrower is Happy, Happy, Happy. Oh, and their new Up-Front MIP premium was 0.01% or $21.07 On a regular streamline, the new Up-Front MIP would have been 1.75% or $3,687.25. Ouch. Now if you are looking to get cash out, then a regular refi is the only way to go, but if not, do the streamline, ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950