Question : What is the difference between streamline refinance vs regular refinance on fha loan?
My husband and I were recently married, we are in the process of trying to refinance our home. We wanted to know the pros/cons of streamline refinance. We are also wanting to add me to house loan to see if added income helps with rate? I am getting the impression they (wells fargo) is wanting us to do regular refinance. They said it is a standard 3800 no matter where we go or what we do. Any others know anything about either?
- asked by gmoney
All Answers:
Answer #1
The FHA Streamline refi option is available tothose with existing FHA loans in good standing. The conditions are that you can refi for theexisting loan balance only (no cash out) and thenew loan payment must be lower than the currentpayment. It is "streamlined" because there is norequirement for a new appraisal and no LTVrequirement. The closing costs can be paid incash or folded into the new loan balance.
- answered by Caveat Emptor
| 
