Updated January 2018
FHA Streamline Frequently Asked Questions
Streamline is a program that was made to expedite the process of getting a loan or a refinance. These programs are much simpler and quicker than most conventional loans. There are fewer documents and requirements for a streamlined loan. This program is also very practical for homes that have decreased in value or are underwater.Connect with a lender, click here.
For FHA streamline refinance, mortgage interest rates, closing costs, and other fees may vary depending on your lender and location. In some cases, you may refinance without any closing cost. However, this may result in a slightly higher interest rate. You have to examine how these costs and fees play on your loan and how you can tailor fit it to your homeownership needsConnect with a lender, click here.
FHA does not require an appraisal for the streamline refinance. However, Lenders may choose to have different qualifications requirements. It should be noted that NOT ALL lenders choose to have overlays. Some lenders choose to follow the FHA requirements. This is why it is encouraged that homeowners shop for lenders who are willing to help them.Connect with a lender, click here.
In many cases, your loan amount will remain the same. However, your loan will never exceed your original loan balance. This program is usually only implemented if the borrowers will save money.
The great thing about FHA streamline programs is that there are no minimum credit score requirements. There is also no need to verify your income. This makes the approval process very easy for people looking to refinance. However, some lenders might have a minimum credit score and income requirements. It is highly recommended that you keep a score of 620 or higher.