How to Pick the Best Streamline Mortgage Refinance Program Loans Madison WI, Denver CO, St Louis MO

This program is a refinance option available to homeowners who currently have FHA-insured mortgages. The FHA Streamline Refinance can be for homeowner's primary homes, vacation homes, or investment properties.

To be eligible for the FHA Streamline Refinance:

• Your current mortgage must be at least 210 days old
• There must be a Net Tangible Benefit to the refinance. In other words, the refinance must have a "purpose".
• No late payments in the prior 3 months in your mortgage payment history.

What makes it "Streamlined"?

This guidelines for this program state that there are no employment checks, no appraisals, no income or asset verification, and no credit checks necessary for approval.

Also for homeowners whose FHA mortgage was endorsed on, or prior to, May 31, 2009 they are eligible for special, reduced FHA mortgage insurance rates  via the FHA.

VA Streamline Refinance: Interest Rate Reduction Refinance Loan (IRRRL)

This program is available to homeowners who have VA-backed mortgages. The Interest Rate Reduction Refinance Loan (IRRRL) is, of course, backed by the Department of Veterans Affairs.

One very noteworthy perk about this program is that mortgage insurance is not required for the VA IRRRL; regardless of loan-to-value.