What is FHA Streamline?
Discover how you could be eligible to refinance your FHA-insured mortgage to take advantage of today's lower rates with FHA Streamline.
Now's the time to refinance your FHA-insured mortgage.
The FHA Streamline Refinance program was created by the United States Department of Housing and Urban Development (HUD) to help timely-paying borrowers refinance their current mortgage to lower their monthly principal and interest payment with streamlined documentation requirements. A Streamline Refinance can help expedite the refinance process.
You must have an existing FHA-insured mortgage to be considered for the FHA Streamline Refinance program. You may even be eligible if you owe more on your mortgage than the current value of your home. However, the interest on the difference between what you owe and the current value of your home is not federal income tax deductible.
No Appraisal Required
The FHA Streamline Refinance program does not require a home appraisal. Instead, it allows you the use the original value of your home as your home's current value, even if the market value has decreased.
If you are not required to participate in a credit check, the guidelines for qualifying for an FHA Refinance can be more lenient than a traditional refinance:
- No written or verbal verification of employment
- No written or verbal verification of income
- No credit report
- No minimum credit score
- No minimum loan amount
- Minimal or no out-of-pocket expenses
Credit qualifying may be required in some situations.