FHA Streamline FAQ
Does the FHA Streamline remove PMI?
FHA Streamlines do not remove PMI. PMI is the mortgage insurance borrower's purchase for conventional loan programs. Mortgage insurance premium (MIP) is the insurance borrower's purchase for FHA loans. MIP will not be waived throughout the life of an FHA loan.
How many times can you streamline refinance?
You are eligible to apply for an FHA Streamline every 210 days.
Can I add or remove borrowers with an FHA streamline?
You may remove a borrower with an FHA Credit Qualifying Streamline. Credit, income, and employment will need to be verified due to the change in the debt to income ratio.
Can I use an FHA Streamline to refinance my completed 203k rehab loan?
FHA Streamlines are valid for any FHA loan, including 203K construction loans, provided the work has been completed. A new appraisal will be required.
Can I use an FHA streamline if my home needs repairs?
FHA Streamlines do not provide for cash out for home improvements.
Is cash back allowed on an FHA streamline refinance?
FHA Streamline refinances limit the amount of cash to the borrower to $500.