FHA Streamline Refinance

Since going into effect in 1934, the FHA Home Loan Program has been helping millions of American families become first time homeowners. This is done by making the loan process as simple and affordable as possible and extending benefits to citizens who may not otherwise qualify for a conventional loan. The FHA has made it incredibly easy not only to become a first time homeowner, but to also refinance your FHA Loan in the future. The FHA offers two great refinancing plans: a cash-out refinance and a streamline refinance.

Streamline Refinance

A streamline refinance refers to the ease and affordability of the refinancing process. In order to do a streamline refinance, you must only be refinancing the loan for a lower interest rate, not to take cash out against the house’s equity. Here are a few of the basic requirements for obtaining a streamline refinance:

- The original loan must already be FHA insured
- The loan must be refinanced to obtain an interest rate below what the borrower is currently receiving
- The mortgage to be refinanced must be current and not delinquent
- No cash may be taken out from the refinance of the loan

Why Use a Streamline Refinance?

When you use an FHA streamline refinance, in most cases you will not be required to provide any additional paperwork such as an appraisal, credit check or debt-to-income ratio. This is because the FHA already has all your information on file. You also won’t incur any “out-of-pocket” expenses. While there may be some costs associated with closing the new loan, it is possible to roll the costs into the total cost of the loan and have the lender pay the fees. You will only be able to do this, however, as long as your house has sufficient equity built up.

Where do I get my streamline refinance?

When you decide to apply for an FHA Streamline refinance, you are not required to use your original lender. As long as the lender participates in the FHA Loan Program, you are free to use whoever you like. To find out how much you can qualify for on a new loan, take a minute to fill out our secure online form. It’s fast, simple and 100% free with no obligations. Refinancing your FHA Loan has never been easier!

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