Streamline Refinance
A Streamline Refinance is designed for homeowners with existing FHA-insured mortgages who want a faster, easier way to lower their interest rate or switch to a more stable loan. This program simplifies the refinancing process by reducing paperwork, waiving the need for a home appraisal, and often eliminating income and credit verification requirements.
Key Features
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Fast and simplified process with minimal documentation and underwriting
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No home appraisal required-refinance even if you owe more than your home is worth
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Options for both credit-qualifying and non-credit qualifying refinances
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No income or employment verification required for non-credit qualifying refinances
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Lower interest rates and monthly payments, or the ability to switch from an adjustable-rate to a fixed-rate mortgage
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No cash-out allowed; the program is strictly for rate and term improvements
Eligibility Requirements:
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Must have an existing FHA-insured mortgage in good standing (current on payments)
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Loan must have been in place for at least 210 days and have at least six on-time monthly payments
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The refinance must provide a “net tangible benefit,” such as a lower interest rate or a more stable loan product
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No more than one late payment in the past 12 months
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No delinquency at the time of application