What is the FHA Streamline Refinance program?

The FHA created the FHA Streamline Refinance program over 25 years ago to make it simple and fast for anyone with an FHA loan to lower their interest rates. They do this through a “streamlined” process that utilizes the already existing paperwork from your original loan to serve as the foundation of the process.

What are the basic requirements for an FHA Streamline Refinance?

Besides the original loan is an FHA loan, the only other real requirement is that your client’s mortgage payment must not have been more than 30 days late in the last 12 months.

Can borrowers who have a lot of equity in their home take some cash out at closing with the FHA streamline refinance program?

No, they are not permitted to take any cash out with the FHA streamline refinance loan program.

Is a credit check required for FHA Streamline Refinance?

No, there is no credit check required for FHA Streamline Refinance. This is part of the streamlined process.

Is an appraisal required for FHA Streamline Refinance?

No, we do not require an appraisal for an FHA Streamline Refinance.

What are the income requirements for FHA Streamline Refinance?

The FHA Streamline Refinance loan requires no proof of income like W2s or tax returns. Most other types of loans require the lender must determine the borrower’s ability to afford the new monthly payments. The FHA Streamline Refinance eliminates this requirement.

Does the FHA Streamline Refinance remove PMI?

FHA Streamline Refinance does not remove PMI. PMI is the mortgage insurance borrower’s purchase for conventional loan programs. Mortgage insurance premium (MIP) is the insurance borrower’s purchase for FHA loans. MIP will not be waived throughout the life of an FHA loan.

What is the FHA Streamline Refinance minimum credit score?

FHA does not have a minimum credit score requirement since it does not require a credit report for FHA Streamline Refinance. However, most lenders will require a credit report and a score of at least 620. Some lenders could allow lower scores, so shop around.

What is UFMIP and does the borrower have to pay it in cash?

UFMIP is the acronym for Upfront Mortgage Insurance Premium. It is the fee that FHA charges on about every FHA loan to defray the costs of the program. As of April 2013, the fee is typically 1.75% of the full loan amount. So, if you open a $200,000 mortgage, your final FHA loan amount will be $203,500. For FHA streamlines, this fee can be wrapped into the new loan and does not have to be paid out of pocket. If you wish, you have the option to pay it out of pocket, which reduces their loan amount. Most FHA borrowers finance it into the new loan.

How many times can my client apply for an FHA Streamline Refinance loan?

They are eligible to apply for an FHA Streamline Refinance every 210 days.

Programs Government

FHA Streamline Refinance

Min. FICO 580

The FHA Streamline Refinance program is designed to help borrowers who have a current FHA-insured loan. It's an easy way to potentially lower interest rates and reduce monthly payments. This refinance option requires minimal paperwork, making the process faster and easier.

Program features

Available to borrowers with an existing FHA loan
No income is required
No appraisal documentation
No need to calculate a DTI
Permanently lowered monthly payments

Why choose our FHA Streamline Refinance?

Min. 6 payments on current loan
Reduced paperwork
Simple eligibility requirements

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Program details

Min. 6 payments on current FHA loan

Primary residence

No appraisal for stick-built properties

No DTI verification

No income verification required

Limited cash-out refinance allowed

Gift funds are allowed

MIP upfront and monthly insurance throughout the life of the loan (or 11 years with a 10% or more down payment) is required

At least 210 days since last refinance

Mortgage history: 0x30x12

Eligible property types: SFR, 2-4 units, PUDs, condo, modular homes, manufactured homes

Various fixed terms

Temporary buydowns are not allowed

Eligible citizenship: US citizens, Permanent Resident aliens, with proof of lawful permanent residence

Eligible borrowers: Individuals, living trusts

Fast turnaround times

As fast as

24 hr

Disclosure

As fast as

24 hr

Underwriting

As fast as

48 hr

FHA Streamline Refinance

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Program details

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Fast turnaround times

Disclosure

Underwriting

Closing

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1099

12/24 Month Bank Statement