FHA Streamline Refinance: Requirements for 2022
If you currently have an FHA mortgage and you don’t have enough equity to refinance it into a conventional loan, the FHA Streamline Refinance is the easiest way to get a lower rate and monthly payment.
The FHA streamline takes your current loan, and can drop it down to the market rate, with limited loan paperwork required. With the streamline, lenders don’t have to verify your income and do not require an appraisal. Because of that, they close faster than other loans, and can have very low closing costs.
What is a FHA Streamline Refinance Loan?
It is a special government refinance program reserved for homeowners with existing FHA mortgages.
FHA Streamline Benefits
- Low Refinance Rates: FHA loan rates are much lower than conventional loans.
- Lower MIP rates: if you got your FHA loan between 2010 and 2015, you can access today’s lower anunal mortgage insurance premiums when you refinance with a FHA Streamine
- MIP Refund: You may be refunded up to 68% of your prepaid mortgage insurance, in the form of a MIP discount on the new loan
- No Appraisal: you can refinance even if your home is underwater
- No verification of job or income: You can refinance even if you just recently lost your job, as long as you are current on your mortgage.
- Low Credit: You can refinance even if your credit isnt perfect. Most lenders will do it with any scores over 580.
If you currently have an FHA loan and would like to know if you qualify for a lower interest rate please contact one of our FHA loan experts: (844) 912-1620