What is an FHA Streamline Refinance?
FHA’s streamlined refinancing option is available to those homeowners who currently have an FHA loans. This option allows for a quick and hassle-free way to reduce the interest rate on your existing FHA loan, typically without the need for a new appraisal or credit and income review. Guidelines to qualify for an FHA streamlined include… • Existing mortgage must be up to date and not delinquent. • The refinance must lower the monthly principle and interest payments unless you are refinancing from an adjustable rate to a fixed rate or unless you are reducing the term of your mortgage.
