Now is a great time for FHA borrowers to check with a PennyMac loan expert to see if you qualify for this improved FHA Streamline Refinance Program.
The FHA Streamline Refinance is the quickest, simplest way to refinance your mortgage - even if you are underwater. Here's why:
No appraisal is necessary - we'll use the original purchase price, no matter what your home is worth today
Credit and documentation requirements are lower - no employment, income, or credit score verification
No out-of-pocket expense options are available to you (in exchange for a slightly higher rate than if you financed or paid the closing costs)
No prepayment penalty is required if rates go lower and you wish to refinance in the future
Investment properties are ineligible