FHA Streamline Refinance

FHA Streamline Refinance

 FHA Streamline Refinance Program Guidelines & Interest Rates

The FHA offers streamline refinances on insured mortgages. The term  "streamline" refers to the amount of documentation required.

The Benefits of a FHA Streamline Refinance

  • Appraisal usually not required

  • Very little paperwork

  • Lower credit requirements, income verification, employee verification, and underwriting fees

  • Easily increase or decrease the length of the term of your existing loan

  • Take advantage of current low interest rates

  • Little or no out-of-pocket costs

The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced should be current (not delinquent).

  • The refinance is to result in a lowering of the borrower's monthly principal and interest payments.

  • No cash may be taken out on mortgages refinanced using the streamline refinance process.