The FHA offers a special refinance program called the FHA streamline refinance that requires very little documentation to get approved. If you currently have an FHA mortgage, the FHA streamline refinance may help you fast-track your efforts to lower your home loan payment – with fewer steps and less stress.
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The streamline program (credit qualifying and non-credit qualifying) requires the new mortgage to meet the "net tangible benefit" test. This requirement was established by the FHA to make sure that a refinance was actually beneficial to the borrower.
Streamline Your FHA Mortgage Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options.
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FHA Streamline credit score requirements. Many people ask if FHA requires a minimum credit score when doing an FHA streamline refinance and the short answer is “yes” but it will vary by lender. Lenders may carry different minimum credit score requirements for the FHA streamline program.
The FHA streamline refinance program is a special refinance program for people who have a Federal Housing Administration (FHA) loan. It is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets.
Overview of the FHA Streamline Refinance Program. Prior to proceeding with an FHA Streamline Refinance option, it’s imperative you comprehend the way this program works. To start, an FHA Streamline Refinance involves refinancing a preexisting fha-insured mortgage with the advantage of restricted underwriting and relaxed credit necessities.
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The FHA streamline refinance loan program is a rate and term refinance of an existing FHA loan with little documentation and underwriting. The mortgage to be refinanced must be an existing FHA-insured loan, it must be current, and must have a net tangible benefit to the borrower.
Your FHA Loan is there to help you make your home ownership dreams reality. By applying for an FHA Streamline refinancing, you could make it an even stronger asset. An FHA Streamline refi offers a simplified application process* and an opportunity to lower your monthly payment if you qualify.