Get a FREE quote on an FHA Loan & save thousands of dollars per year.
The FHA Streamline Refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.
An appraisal might not be required either depending on how much you have paid on your original loan balance. One of the most advantageous aspects of this program is that it allows for an unlimited loan-to-value ratio. Therefore, if you are severely underwater you still may be able to take advantage of record low mortgage rates by refinancing with an FHA streamline.
You have to live in the house you are refinancing.
You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.
You have not completed an FHA Streamline Refinance in the past 6 months.
FHA does not have a minimum credit score required for a streamline refinance, but your lender might. Generally it’s best if you have a score of 620 or above.