Are there any mortgage-knowledgeable folks in the house?

Discussion in 'The Watercooler' started by ctmom05, Oct 3, 2008.

  1. ctmom05

    ctmom05 Member

    What are the differences between a FHA refinance mortgage loan and a streamline FHA rehab mortgage refi?

    We are in the process of going thru our first refi on a fixed 30 year FHA mortgage, after 10 years in the home. Our application has been approved, pending a second appraisal, for a standard fixed 30 year FHA mortgage loan.

    I just read about something called an FHA Streamiline Rehab mortgage loan. What are the differences between the rehab option and a standard FHA mortgage?

    Our main goal of refinancing is to secure funds for a new furnace and new interior & exterior doors.
     
  2. Jena

    Jena New Member

    hi,

    As far as I know a rehab mortgage is a mortgage which allows you to either purchase or refinance your home including the cost of repairs in the amount. Check out the FHA website and it gives a breakdown whereas you can compare each.

    Good luck and congratulations!

    Jen
     
  3. flutterbee

    flutterbee Guest

    If memory serves a Streamline FHA refi is where you just refi your current mortgage to get a lower rate - no extra money from your equity and the only qualification is that you haven't been late on your mortgage in the last 12 months. No other approval needed.
     
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