FHA Streamline Refinance

The FHA Streamline Refinance loan product allows eligible homeowners to refinance their existing FHA loan to reduce their current monthly mortgage payment. The new loan can only include the outstanding principal balance minus any applicable refund of the Upfront Front Mortgage Insurance Premium (UFMIP) plus the new UFMIP, up to a maximum amount of 97.75% of the original appraised value. Cash back to the borrower is not permitted. Any and all subordinate loans must be re-subordinated or paid off by the borrower; they cannot be paid off with the new loan. A copy of your repayment history verifying timely mortgage payments will be required.

VA Interest Rate Reduction Refinancing Loan (IRRRL)

The VA Interest Rate Reduction Refinancing Loan (IRRRL) allows eligible veteran-homeowners to refinance their existing VA-guaranteed loan to a lower interest rate and reduce their current monthly mortgage payment. The new loan can only include the existing VA loan balance, allowable fees and charges, up to two discount points, and the VA funding fee. Cash back to the borrower is not permitted. Any and all subordinate loans must be re-subordinated or paid off by the borrower; they cannot be paid off with the new loan.

FHA/VA Streamline Refinance Premium Option

This option allows borrowers, utilizing one of the above two refinance programs, to choose a slightly higher interest rate in exchange for a credit up to 1.5 percent to be used toward their closing costs. Cash back to the borrower is not permitted.