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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FHA lowered its
Upfront Mortgage Insurance Premium (UFMIP)
to just .01 percent
and
reduce its annual premium to .55 percent
FHA Streamline Refinance Program
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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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