The Federal Housing Administration will significantly reduce mortgage fees for qualifying borrowers through the FHA's Streamline Refinance Program. The lower fees will go into effect on June 11, 2012.
The FHA streamline program requires limited documentation from borrowers. Borrowers are not required to have a home appraisal. The lack of appraisal allows more owners to refinance, even if the borrower owes more on their mortgages than their houses are worth.
To qualify for the FHA streamline refinance reduced fees, a borrower must:
- Currently have an FHA insured home
- Be current on their mortgage
- And, have a mortgage that was endorsed on or before May 30, 2009.