FHA Streamline Refinance Highlights:

• Potential for reduced FHA Monthly Mortgage Insurance Premiums (MIPs)
• Potential for no out-of-pocket expenses*
• No required appraisal*
• No income documentation required unless borrower(s) are deleted from the property’s title

What is an FHA Streamline Refinance?

FHA Streamline Refinance loans refer to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. When rates are lower than the current rate of a borrower’s mortgage, it allows them to decrease their current FHA mortgage rate without having to go through all the steps in a traditional refinance application.

How an FHA Streamline Refinance works:

The term “streamline refinance” refers to the amount of documentation and underwriting required for the lender to perform.

FHA Streamline Refinance programs require less documentation than a traditional refinance, such as income or asset verification. Typically, an appraisal is not required.

To qualify for an FHA Streamline Refinance, a borrower must have a minimum 640 credit score and currently hold an FHA mortgage.

FHA Streamline Refinance Programs Available:

• Credit qualifying
• Non-credit Qualifying

Borrowers Who Benefit from an FHA Streamline Refinance:

• Those who currently hold an FHA mortgage
• Those who want a lower interest rate and mortgage payment

*Satisfactory mortgage rating is required. Escrow accounts are required for FHA mortgages.