FHA Streamline loans can help homeowners lower monthly their mortgage payments and interest rates or lower the term of your current mortgage e.g. From a 30 year to a 15 year mortgage loan term..
But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage. If you don’t have an FHA loan but want to refinance, your options include conventional refinancing or applying for an FHA refinancing loan.
To apply you’ll need to apply with the usual credit check, employment verbal verification, but we will not require Income documents or an appraisal.
For those who do have an FHA home loan, the other requirements for FHA Streamline include:
Being current on the existing loan with all mortgage payments made on time for the last year.
You must own the original property for at least six months before you can qualify for refinancing.