How Does An FHA Streamline Refinance Work?  

FHA streamline refinances are easier to qualify for than home purchase loans. They allow you to quickly reduce your interest rate without a lot of paperwork. 

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

There are 4 key requirements. 

On time payments. If your loan is less than 12 months old, then you cannot have any missed payments. If your loan is over 12 months old, then you cannot have more than one missed payment with no missed payments in the last 3 months  
FHA Waiting Period. You are eligible to apply for a Streamline reduction every 210 days.
Minimum credit score. Most lenders require a minimum credit score of 620 for FHA, though some lenders will go as low as 580.  
Net Tangible Benefit (NTB). The combined interest rate and insurance premium rate must be reduced by at least .5%. This is to ensure your financial position improves as a result of the streamline.  

Assuming you meet the 4 requirements listed, then you will need to provide your documentation to begin the process. 

One of the main benefits of the FHA Streamline is the reduced paperwork required. Here is what you will need to provide: 

Current mortgage statement  
Current FHA loan’s mortgage note, which shows your current interest rate and loan type
Final settlement statement (final HUD-1) or Deed of Trust with the FHA case number of your current loan
Employer HR department’s contact information (lenders need to verify your employment, not your actual income)
Two months of bank statements that shows you have enough funds to pay for any out-of-pocket costs
Homeowners insurance declaration page or agent’s contact information to obtain current proof of insurance
Photo ID and social security card

Once received, your lender will determine if there is a Net Tangible Benefit before processing your application. 

Once approved, you will sign the new note and mortgage agreement to claim your savings. 

Click the button below to see how much you could save with an FHA Streamline refinance.

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