FHA Streamline Refinance Program

FHA Streamline Refinance Program

FHA streamline refinance program is 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.

New FHA guidelines changes does not require an appraisal on a FHA streamline refinance. FHA does not require a credit report on a FHA streamline refinance. FHA does not require a minimum credit score to qualify on a FHA streamline refinance. Effective on or after April 18, 2011, FHA no longer requires employment and income verification on the FHA streamline refinance program.

A borrower is eligible for a FHA streamline refinance without credit qualifying if they have made their last 12 months mortgage payment on time and your current mortgage is an FHA loan.

• No minimum credit score to qualify
• No appraisal required
• No credit report required
  
• No income verification
• No employment verification
  
• No asset verification

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 FHA streamline 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.

• the borrower must have made at least six payments
  
• mortgage being refinanced at least six full months must have passed since the first payment due date of the refinanced mortgage
  
• at least 210 days must have passed from the closing date of the mortgage being refinanced

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