fha streamline refinance requirements

FHA Streamline Loan Requirements Being current on the existing loan with all mortgage payments made on time for the last year. You must own the original property for at least six months before you can qualify for refinancing. To refinance you’ll need an FHA-approved lender. FHA Streamline loans.

The Federal Housing Administration, commonly know as FHA, has a mortgage refinance program call FHA Streamline Refinance Mortgages which is available to all homeowners who currently have a FHA Loans.FHA Streamlines is a fast track refinance loan program where a homeowner with a FHA Loan refinance and close on their refinance mortgage loan in two weeks or less.

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fha streamline refinance program. The FHA streamline refinance program is a way for homeowners with an FHA-insured loan to refinance their mortgage into a lower rate and get a lower mortgage payment. In order to qualify for the streamline program you must have had your FHA home loan for at least 210 days. You will not be able to get any cash back using streamline refinancing.

Two different FHA Streamline Refinance options are available: credit qualifying and non-credit qualifying. Both require little documentation (such as income and .

FHA Streamline Refinance guidelines. HUD guidelines state that a Streamline Refinance of an FHA mortgage must result in a "net tangible benefit to the borrower." 1 This benefit varies depending on the type of loan that you are refinancing, and the interest rate and terms of your old and new mortgages, but the outcome needs to result in savings that justify the costs of refinancing. hud guidelines require mortgages in the Streamline Refinance program be current.

FHA streamline refinance waiting period requirements: You have made at least six on-time payments on your current FHA mortgage. It’s been at least six months since your first payment due date. 210 days have passed since the day your current mortgage closed in escrow.

If you are looking to refinance and want the best rate and terms with an easy process with more favorable guidelines, an FHA loan is definitely a loan that you should consider. When it comes to refinancing, there are basically 2 main reasons why it would benefit you to refinance.