FHA Streamline Refinance

FHA offers a refinancing method to take advantage of lower rates. This type of refinance is designed specifically to lower the monthly mortgage payment.

Here are the basics of the FHA Streamline Refinace

The original loan must be an FHA insured loan.

The refinance must lower the principal and interest payments of the previous mortgage payment.

The mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing. Borrower must have had the FHA mortgage for 6 months.

Borrower cannot receive any cash back at closing.

There are no income or employment verifications. No paystubs or W-2's required. No termite report.

Appraisal may or may not be required. This depends whether the new loan amount would exceed the original loan amount.

Borrower must be up to date on any federal debts.

Items needed for processing an FHA Streamline Refinance:

Copy of existing mortgage note

Copy of recent mortgage statement

Copy of Homeowners insurance policy

The rest can be completed by your loan officer. Thats how easy the process is.