What is the FHA Streamline Refinance Program?The FHA Streamline Refinance program is designed for less documentation and a speedier approval process. FHA’s goal with this product is to allow borrowers with existing FHA mortgages to refinance into a lower rate and possibly a shorter term with little closing costs. The main benefit is FHA doesn’t require an appraisal for this product, so if your upside down on your loan it doesn’t matter. FHA Streamline Refinance Program Highlights and Requirements:
- No Appraisal
- Must have made at least 6 payments on time to be eligible
- Loan must be current at the time of closing
- No income check in most cases
- Must have an existing FHA mortgage
- Skip a mortgage payment
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