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
- 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