FHA Streamline Refinance – Approved Lenders
FHA Streamline Refinance Home Loan Program
If you bought your home with an FHA loan, or your most recent refinance was through the FHA, a streamline refinance is almost certainly the quickest and easiest way for you to lower your rate and payment. In fact, the FHA streamline refinance is possibly the easiest and most pain free refinancing loan that exists. Qualifying participants will be amazed by how little is required to process the loan. Additionally, we offer some of the most competitive loan terms and mortgage interest rates you will find from any lender.
We offer the FHA streamline loan to residents in the following states:
Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Kansas, Louisiana, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington State, Wisconsin, and Wyoming.
Below are the most significant benefits of an FHA streamline refinance:
- The sheer simplicity of the refinancing process.
- No appraisal is required.
- There is very little documentation that is needed, and no credit check is required.
- Typically more favorable terms are offered on FHA loans due to the security if the loans being insured by the government. An FHA borrower can expect to receive special terms in comparison to a conventional loan, even when backed by Fannie Mae and Freddie Mac.
- The cost to refinance through an FHA streamline is much cheaper in comparison to nearly all other types of refinancing options.
- Limited LTV restrictions. You can technically be “underwater” in your mortgage and still qualify for a refinance due to the fact that FHA will use your previous appraisal when your home might have been worth signficantly more than it is at the time of refinancing. This is a common scenario considering that many FHA borrowers only put 3.5% down at the time of purchasing their home.
Would You Like to Apply for an FHA Streamline Refinance?
Or you can fill out the brief contact form application on the right hand side of this page and we will review your information and contact you back within 24 hours (Monday through Saturday).
Below are the requirements to qualify for an FHA streamline refinance:
- Your current loan must be insured by FHA. If your current loan is not an FHA loan, you can still refinance into an FHA loan, but you would not qualify for a streamline refinance.
- Your loan must be current.
- You have to be in the property for at least 6 months before you can qualify for refinancing.
- You will have to refinance through an FHA approved lender. We are an FHA approved lender.
- There has to be a clear benefit to you as the borrower. This should be a clearly lower interest rate and/or mortgage payment. It could also be going from an adjustable rate mortgage (ARM) to a fixed rate mortgage.
- There can be no cash taken out from your home equity. It must be a “rate and term” refinance only. To take out cash, you will want to apply for a FHA cash out refinance. If you exclusively want to make home improvements, instead of a cash out refinance, you should consider applying for the FHA 203k streamline loan program. The FHA 203k loan was set up to provide FHA borrowers who have enough equity with cash to invest into repairs. There are also FHA 203k loan programs for home purchase loans on “fixer uppers”. Please reference our page on FHA 203k loans for more information.
Would you like to speak with a representative or apply for a FHA streamline refinance? Simply request a free consultation and a loan representative will help you see how much you can save by refinancing.
Frequently Asked Questions
Below are some of the most common questions we receive regarding the FHA streamline refinance program:
Is there really no credit check required?
The no credit check policy means that your actual credit report (credit history) is not pulled. Only your mortgage payment history is looked at. You must be current on your mortgage payments, but other debts and credit factors are not reviewed.
How long does a FHA streamline refinance take?
The length of time to process and close this type of loan is significantly less than a typical mortgage loan. The fact that no appraisal must be ordered and then reviewed, no income documentation or credit check is required, allows for much greater efficiency. Most streamline loans can be closed in two weeks or less.
How much does a FHA streamline refinance cost?
The cost depends on a few factors such as your location and loan amount. The fees on this program are lower than other loans, and you do not have to pay for a new appraisal, which saves you money and it expedites the process. When you speak with a loan representative, you will be provided a quote. We encourage you to speak with other FHA mortgage lenders and get quotes regarding interest rate, monthly payment amount, and loan fees. We are highly competitive in all areas, and are confident you will find us to be the best FHA streamline refinance lender.
Can I include the closing costs into the new loan amount?
Yes, you have the option to include the closings costs in your loan. This means that there are no direct out of pocket expenses, but keep in mind that you will also be paying interest on the fees being included into the new loan amount. So carefully consider if you would rather do your best to pay for closing costs at the time of the refinance. With FHA loans, you are allowed to borrow money, which is a nice feature of these loans.
Do I have to pay mortgage insurance on the FHA streamline program?
Yes, all FHA loans require both upfront mortgage insurance premiums (UPMIP) and monthly mortgage insurance premiums (MIP) to be paid. If you believe your loan amount is less than 80% of the value of your home, which is called your loan-to-value ratio (LTV), you may want to consider switching to a conventional mortgage. This will allow you to eliminate your FHA MIP. If you are over a 80% LTV, a FHA to FHA refinance (the streamline refinance) is almost certainly your best bet.
The best way to get your questions answered and learn about your options is to speak with a mortgage specialist by giving us a call or requesting a call back request through our web form.