Streamline Refinance
A Streamline Refinance is designed for homeowners with existing FHA-insured mortgages who want a faster, easier way to lower their interest rate or switch to a more stable loan. This program simplifies the refinancing process by reducing paperwork, waiving the need for a home appraisal, and often eliminating income and credit verification requirements.
Key Features
Fast and simplified process with minimal documentation and underwriting
No home appraisal required-refinance even if you owe more than your home is worth
Options for both credit-qualifying and non-credit qualifying refinances
No income or employment verification required for non-credit qualifying refinances
Lower interest rates and monthly payments, or the ability to switch from an adjustable-rate to a fixed-rate mortgage
No cash-out allowed; the program is strictly for rate and term improvements
Eligibility Requirements:
Must have an existing FHA-insured mortgage in good standing (current on payments)
Loan must have been in place for at least 210 days and have at least six on-time monthly payments
The refinance must provide a “net tangible benefit,” such as a lower interest rate or a more stable loan product
No more than one late payment in the past 12 months
No delinquency at the time of application
