Benefits of the FHA Streamline

If you have an FHA loan and your interest rate is at or above 5.875%, you would be wise to contact your mortgage professional to see if the FHA Streamline program makes sense in your situation.

The FHA Streamline program is one of the few loan programs that are available where you can refinance and get a lower interest rate on your home and:

  • In some situations, no appraisal is required
  • No Income Documentation is needed
  • No asset documentation is needed
  • No out of Pocket Expenses
  • In some cases Loan Amount will stay the same.

The main requirements for the FHA Streamline program are that:

  1. You have a good "Mortgage Rating"
    • Meaning that you have made your monthly payments on time and are current
  2. That if you participate in the Streamline program, it will put you in a better financial situation. AKA putting you into a better interest rate that will help save at least $50 or more.

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