FHA Streamline Refinance Requirements – A Review in 2012

FHA Streamline Refinance Requirements – March 2012 – FHA home mortgages are a wonderful loan program for those will slightly less than perfect credit scores. FHA mortgages are also for those folks who have lesser amounts of cash available for down payment and closing costs than what would be required to get a regular conventional loan through Fannie Mae and Freddie Mac. Once you get an FHA mortgage and you have kept up with your mortgage payments you may qualify for a FHA Streamline Refinance. Let’s review the requirements for this program:

FHA Streamline Refinance Requirements – 2012

  • You must have an existing FHA mortgage to use the streamline refinance program;
  • your mortgage payment must be current;
  • you can have a 30 day late if you have made 3 consecutive on-time payments;
  • the result of the mortgage refinance must lower your mortgage payment (lower interest rate); and
  • you cannot use the Streamline program to get cash back or cash out.

Notice we didn’t suggest that you need paystubs, a verification of employment, an appraisal, or that you even had to get a credit report? That’s right, because the FHA streamline refi program in its truest form doesn’t require them. These requirements we listed above are from the HUD – FHA website BUT they are subject to FHA specific lender guidelines too. If you feel like you meet these requirements and you have an older FHA loan with higher than current market interest rates then you should check with an FHA lender to see if you qualify. To talk to a loan officer about this program please complete the form below.