FHA Streamline Finance
Get a lower interest rate with an FHA streamline refinance!
Basic Eligibility Requirements:
The mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced should be current (not delinquent).
The refinance results in a lowering of the borrower's monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
No minimum FICO score.
No cash may be taken out on mortgages refinanced using the streamline refinance process.
Manufactured homes are eligible.
Non-owner occupied homes are eligible.
FHA Refinancing with a Streamlined Loan.
This refinancing option is considered streamlined because it allows you to reduce the interest rate and possibly the monthly mortgage insurance on your current home loan quickly without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed, saving you valuable time and money.
This works well for people who are current on their mortgage, because it allows you a little extra money each month that can be put to good use elsewhere.