FHA Streamline Refinance
Refinance your existing FHA Mortgage to lower the rate or out of an Adjustable Rate Mortgage (ARM)with a FHA Streamline Refinance
Lower your rate with a simple Streamline Refinance:
- No appraisal
- May not require income verification
- Verification of assets required if needed to close
- Certification that the borrower is employed and has income
- Must have made at least six (6) payments on existing FHA Loan
- Up to 125% Loan to Value (LTV)
- Requires upfront and monthly mortgage insurance (MI)
- Must result in a "Net Tangible Benefit"
- A 5% reduction to the principal and interest (P&I) of the mortgage payment plus the annual mortgage insurance premium (MIP)
- Refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage
To refinance a non-FHA loan into a FHA or for a rate & term or cash out FHA refinance, take a look at the FHA Refinance Program.
If you are looking to remove Mortgage Insurance, consider a Conventional Refinance. No MI is required on LTVs below 80%. Additionally, If the LTV on your loan is 80% or higher when your loan closes, your MI can be cancelled once it drops below 80%.