FHA Streamline Refinance
Highlights of the FHA Refinance program:
- Historically low interest rates
- Potential for reduced FHA Monthly Mortgage Insurance Premiums (MIPs)
- Potential for NO out of pocket expenses*
- NO appraisal required*
- NO income documentation required unless there are borrower(s) deleted from title
What is an FHA Streamline Refinance?
An FHA Streamline Refinance is a mortgage option for people who currently have an FHA loan. It offers an opportunity for borrowers to decrease their current FHA mortgage rate without having to go through as many steps as the traditional refinance application. Because of recent decreases in mortgage rates and reduced FHA Monthly Mortgage Insurance Premiums (MIPs), it is possible for some people to see their monthly mortgage payments be reduced by as much as 20%.**
How an FHA Streamline Refinance works:
Two different FHA Streamline Refinance options are available: credit qualifying and non-credit qualifying. Both require little documentation (such as income and asset verification) and can be done with or without an appraisal. To qualify for this program at Homestead Funding, borrowers must have a credit score of at least 640.
You will benefit from the FHA loan program if you:
- Currently have an FHA loan
- Want a lower interest rate and mortgage payment
*Satisfactory Mortgage Rating is required. Escrow accounts are required for FHA mortgages.
**Savings may vary based on borrower’s existing interest rate and MIP on existing loan.
View FHA Streamline Guidelines