The streamline refinancing program is an option for VA and FHA loan holders in good standing who want to reduce their mortgage payments. This program will either extend the term of your mortgage or obtain a lower interest rate, which could significantly lower your monthly payments. Since your loan is in good standing, the underwriting process is shortened, based on the assumption that if you’re able to afford your current payments, you’ll have no trouble affording a lower payment.

9 out of 10 properties in Idaho’s Treasure Valley have decreased in value by as much as 35%, making it impossible for homeowners to refinance. With the no-appraisal option available through this streamline refinance program, you may be able to refinance your Idaho mortgage loan despite the decrease in your property’s value.

You can choose to not have your home appraised for this streamline refinance program, although you won’t be able to cash out any equity with this option. The no-appraisal option is intended solely for those who simply wish to reduce their monthly payments, not remove any equity from the property. Using this option, the maximum loan is either:

·         The original loan balance, plus new mortgage insurance premiums, or

·         Current mortgage debt, plus expenses, mortgage insurance premiums, and closing costs.

·         The lesser of the two options is the maximum loan availability.

If you want to increase your loan amount and are willing to have a property appraisal, the maximum loan amount is either:

·         Up to 97.5% of the appraised value, or the maximum loan-to-value ratio, or

·         Current mortgage debt, plus expenses, mortgage insurance premiums, and closing costs.

Idaho mortgage rates are below 5.00% today, so take advantage of this opportunity to lower your monthly payments, potentially by hundreds of dollars! There’s been good news about the economy picking up today, so take action now, before Idaho interest rates start to creep up!

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