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A government-backed refinance is when you refinance an existing mortgage with a new loan guaranteed by a government agency, including FHA, VA and the USDA. Here’s more about the refinancing ...
Hold a government-back mortgage: In addition to FHA-backed loans, mortgages backed by the U.S. Department of Agriculture’s (USDA) or the Department of Veterans Affairs (VA) also qualify.
The program was introduced by the FHA as a way to speed up the home refinancing process. [1] By reusing the original loan's paperwork, the process to refinance a home was reduced from a few months to only a few weeks. Streamline refinancing has become more popular because reuse of the original home's appraisal may be the only way someone ...
An FHA streamline refinance is a type of refinance loan available to FHA loan borrowers. As with any refinance, it involves taking out a new mortgage that you use to pay off your current one.It ...
The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009. The homeowner must not have a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March–May 2009. The homeowner must be current on their mortgage payments, with no (30-day) late payments in the ...
Refinancing a mortgage loan only makes good sense if you can get a lower interest rate than what you already have. So, say you took on a loan with 7% interest — a very high rate — refinancing ...
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