An FHA Streamline is a refinance option for homeowners with existing FHA Mortgages. This program is “streamlined” because it doesn’t have many of the income and appraisal requirements that are included with standard refinance programs. Streamline FHA refinances provide homeowners a quick and simple way to lower their payments.
No! You do not need an appraisal to qualify for this program.
The refinance must produce a net tangible benefit resulting in at least a 0.5 percentage point reduction in the combined interest rate and Mortgage Insurance Premium (MIP)or Refinancing from an Adjustable-Rate Mortgage (ARM) to a Fixed-Rate Mortgage (with no more than 2 percentage points greater than the combined interest rate and MIP)
You must pay on the original FHA mortgage for at least 210 days before qualifying for the refinancing
You are allowed no more than one late-payment in the past year, and are required to have made the six most-recent payments on-time.
Please move forward with the application. We can discuss your specific credit report and analyze the individual items that may be impacting your score and determine a plan to help you with your situation. We also work with credit repair companies where applicable.
That isn’t true. You may be approved 2 years after the discharge date of a Chapter 7 or Chapter 11 bankruptcy. For a Chapter 13 bankruptcy, you may still be approved while you are in repayment.
You will need to wait 3 years from the foreclosure date before you can qualify for a FHA mortgage.
Unfortunately no. You must currently have a FHA mortgage to be eligible for a FHA streamline refinance.
