What Is The FHA Streamline Program?
The FHA Streamline program allows homeowners with government backed FHA loans to reduce their interest rate and monthly repayments without the time, hassle, and paperwork required by most other mortgage applications.
There are two types of FHA Streamline: Credit Qualifying and Non-Credit Qualifying.
Non-Credit Qualifying FHA Streamline programs offer a variety of benefits including:
No income documentation
Lower interest rates
No appraisal is required
Homes with negative equity (underwater) are eligible
Potentially eligible for a partial refund of upfront mortgage insurance from original loan
As the name implies, Credit Qualifying FHA Streamline refinances require a new credit report with your application.
Credit Qualifying FHA Streamlines are usually only used in cases where the homeowner wants to remove a borrower from the mortgage.
Click the button below to see how much you could save with an FHA Streamline refinance.
