FHA Streamline Refinance

The FHA has been making homes affordable for Americans for over seventy years. The Administration has been able to accomplish this by offering home loan programs that make the loan process much simpler and more affordable than with a conventional loan. Besides making it easier to obtain a new loan for first time homeowners, the FHA also offers a few really great refinance options as well, including a streamline refinance.

No Additional Paperwork

With an FHA streamline refinance, the borrower does not need to provide any additional paperwork. This is because the FHA has all your information on file which they can pull up to quickly approve you for the new loan. With a conventional refinance you might be expected to supply financial documents and have the house re-appraised in order to qualify for a new mortgage.

No Out-of-pocket Expenses

Part of the FHA streamline process involves cutting out as many expenses as possible. When the FHA says there are no “out-of-pocket” expenses, it does not necessarily mean you won’t incur closing costs. However, if you do end up with fees at the end of the loan process, you have the option of rolling the fees into the cost of the new mortgage.

Rules

There are a few rules that you must adhere to in order to qualify for an FHA streamline refinance. Here are a few of the stipulations:
- The homeowner must use the house as their primary residence
- The original loan must have been originated through the FHA
- The borrower must refinance to a lower rate than what they are currently receiving
- The borrower is not allowed to take out any cash from the new mortgage

If you meet these qualifications, talk to your lender to see if an FHA streamline refinance is right for you. Remember, you are not required to use your original lender, so be sure to shop around for the best deal.

Other Refinances

The FHA offers a few other refinance options, such as a Home Equity Conversion Mortgage (HECM), 203(k) mortgage and cash-out refinance. Be sure to explore each of your options to find the perfect fit.

Get pre-qualified Today!

It’s easy to get pre-approved for your FHA refinance when you take a minute to fill out our online form. Pre-approval is fast, easy, free and completely secure.

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