A borrower is eligible for a streamline refinance without credit qualifying if they has owned the property for at least six months. Individuals may be deleted from the title on a streamline refinance if the remaining owner-occupant can demonstrate that he/she has made the mortgage payments during this time.
To qualify for a streamline refinance there must be a net tangible benefit to the homeowner. Net tangible benefit is defined as a 5% reduction to the principal and interest (P&I) of the mortgage payment plus the annual mortgage insurance premium (MIP) or refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage.
FHA refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage. The new loan must involve no cash back to the borrower, except for minor adjustments at closing, not to exceed $500.
FHA changed it's streamline requirements and in order to qualify for a streamline FHA requires you to complete a mortgage application to begin the process. If you currently have an FHA mortgage and want to refinance FHA allows you to refinance. FHA streamline refinance Florida.
Effective with case numbers assigned on or after April 18, 2011, FHA no longer requires lenders to certify employment and income on streamline refinance transactions.
No-cost refinances, in which the lender charges a premium interest rate to defray the borrower’s closing costs and/or prepaid items, are permitted.
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FHA Streamline Refinance Requirements
To qualify for a streamline refinance your current mortgage must be a FHA mortgage
No Minimum Credit Score Required
There are no minimum credit scores required to qualify for a streamline refinance
No credit score required
No Appraisal Required
There is no appraisal required to qualify for a streamline refinance
No appraisal required
No employment verification
You don't even have to have a job they don't verify it
No employment required
No credit report required
You must have 12 months on time mortgage payments
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