What’s FHA Streamline all about?

If you already have an FHA mortgage and are looking to refinance your existing mortgage then this is for you! They are designed to lower your monthly payment; however, you are not able to receive any cash back (except for some minor adjustments at closing not to exceed $500).

The really good news is that you can obtain this FHA insured loan with NO APPRAISAL, NO ASSETS, NO INCOME verification’s required!

The Basics

• The mortgage to be refinanced must already be FHA insured
• The refinance must reduce your current principal and interest payment
• Verbal verification of employment will be performed by the lender
• Must provide verification of the mortgage payment for the most recent 12 months
(The loan must be at least 6 months old).
• The loan must be current and not have any late payments in the last 6 months.
• FHA doesn’t require a termite inspection letter
• Streamline refinances only allows a maximum of $500 cash out.

Check with your lender for specific requirements.

Note: Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount. Investment properties (properties in which the borrower does not reside in as his or her principal residence) may only be refinanced without an appraisal.
click here to find more information on FHA Streamline.