Streamlining Refinance

The FHA Streamline Refinance is a special mortgage program, reserved for homeowners with existing FHAmortgages.  Check your mortgage loan documents or your credit report to see if your loan meets this requirement.

FHA Streamline Refinances are the fastest and simplest way for FHA-insured homeowners to refinance to take advantage of favorable current interest rates on conventional mortgages. FHA Streamline options are similar to conventional mortgages in terms of loan period (15- or 30-year term) while offering a fixed or adjustable rate.

The FHA Streamline is an appealing solution, if you have been postponing a refinance expecting there might be significant hassle involved.

FHA Streamline Advantages

No appraisal required
You can use your original purchase price to represent your home’s current value. This saves you the cost and hassle of getting an appraisal and worrying about depreciation of home value.
No income or employment verification required
Being currently unemployed or underemployed will not prevent you from refinancing with an FHA Streamline. Credit score is usually waived.
process is faster and simpler
Streamline refinance requires significantly less documentation. Making the turnaround time be as quick as two to three weeks.
Rates are the same as a regular FHA mortgage
FHA Streamline mortgages offer rates as low as other FHA mortgage loans.
no pre-payment penalty
Gain peace-of-mind knowing you have the option to pay off your mortgage early, without incurring additional charges.

If you don’t have an FHA-insured mortgage, but want to refinance at a better rate, there are other options available. The Home Affordable Refinancing Program (HARP) is for Fannie Maeand Freddie Macmortgages. Conventional and VA loans have a refinance option similar to an FHA Streamlined Refinance.

Consult one of our licensed mortgage loan originators to see which of these programs is the best fit for you.

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