FHA Streamline Refinance

For a normal refinance, you must qualify for the loan and provide all of your income, banking, credit, and liability information as well as an appraisal. If an FHA streamline refinance is done without a property appraisal, the new loan amount cannot exceed the original loan amount. The FHA streamline mortgage programs are considered to be the best as they have minimum paperwork and no hassles.

The basic requirements of an FHA streamline refinance are that your present mortgage must already be FHA insured, your mortgage should be current (you can now finance the payment due for the first of the month you close), the loan should result in a lowering of your principal and interest payments, and no cash may be taken out.

FHA Streamline Refinance is a mortgage that can reduce one's rate. It can reduce the amount of documentation and the need for an appraisal and credit check to speed the processing of the loan.