FHASTREAMLINEMORTGAGE.COM LENDER HOTLINE: 888-581-5008 What Does a FHA Streamline Refinance do? The FHA Streamline Refinance program is a special program for borrowers who already have a FHA mortgage loan. It is one of the simplest and easiest ways to refinance your mortgage. Unlike a traditional refinance an FHA Streamline Refinance will allow you to refinance your mortgage without having to verify your income or assets. Also an appraisal could be avoided as well depending on the balance of your original mortgage. Even if you’re upside down on your current mortgage you can still take advantage of a lower mortgage rate with a FHA streamline. Qualifying Some of the basic requirements to qualify to utilize a FHA streamline refinance are; • You must reside in the house you’re trying to refinance. • You cannot have more than two thirty-day late payments in the past twelve months. • You have not applied for a FHA streamline refinance within the past six months. • A minimum credit score of 620 or higher. While the FHA does not have a minimum credit requirement for borrowers to utilize a FHA streamline refinance, lenders usually require a credit score of 620 or higher. Utilizing a FHA Streamline with an Appraisal One advantage of utilizing a FHA Streamline Refinance with an appraisal is, you will be able to roll your closing costs into your new loan and you are only required to have an appraisal if your new loan amount were to exceed your original loan amount by 1.5%. Utilizing a FHA Streamline without an Appraisal If you do utilize a FHA Streamline Refinance without needing an appraisal you will not be able to roll your closing costs into the loan like you can with an appraisal. You will need to prepare yourself to pay your closing costs, usually out of pocket or you can talk to your lender about your options as to whether they can cover your closing costs. However when lenders cover closing costs it usually leaves you paying higher interest rates. Shopping for FHA Streamline Quote It’s important for you to shop around for the most competitive mortgage rates and fees for a FHA Streamline Refinance. Make sure to check all their options to find out which is best for you.