FHA Streamline programs are available for homeowners who currently have a FHA loan, have made at least 6 payments, with no late payments made. 

See how much you could save with an FHA Streamline refinance.

Exceptions for 6 months of ownership can be made for extenuating circumstances, like divorce or inheritance.  

If you have purchased your home more than 12 months ago, then you can still qualify if you have no more than one late payment in the last 12 months, with no late payments within the last 3 months. 

Even homes that have lost value and are underwater (meaning you owe more than the house's market value) are still eligible.

The most important qualification for the FHA Streamline is whether or not there is a Net Tangible Benefit (NTB) to the homeowner. 

NTB’s ensure the homeowner's financial position is improved as a result of the refinance. 

Generally, the FHA Streamline will be approved if the combined interest rate and insurance premium rate drop is at least .5%. 

It should be noted that Adjustable Rate Mortgages carry different NTB requirements. 

As with most FHA program guidelines, you can qualify with a credit score as low as 580, though some lenders may require a higher score. 

The FHA Streamline Refinance can be used once every 210 days on primary homes, vacation homes, and investment properties.

FHA streamline programs are a good choice if you have a FHA loan and want to quickly reduce your interest rate and save money, without a lot of paperwork.

See how much you could save with an FHA Streamline refinance.