FHA Streamline Refinance Program Guidelines & Interest Rates
The FHA offers streamline refinances on insured mortgages. The term “streamline” refers to the amount of documentation required. The Benefits of a FHA Streamline Refinance
- Appraisals are usually not required – For most loans.
- Very little paperwork
- No credit check, income verification, employee verification, or underwriting fees
- Easily increase or decrease the length of the term of your existing loan
- Take advantage of current low interest rates
- Little or no out-of-pocket costs
The basic requirements of a streamline refinance are:
- The mortgage to be refinanced should be current (not delinquent).
- The refinance is to result in a lowering of the borrower’s monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.
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