FHA Streamline Loan

What Is FHA Streamline Loan?

FHA Streamline Loan

If you currently have a FHA insured mortgage loan and if mortgage rates on FHA Loans have dropped significantly, you may want to consider refinancing your FHA Loan with a FHA Streamline Loan.  A FHA Streamline Loan is a fast track refinance mortgage loan program for homeowners with a current FHA mortgage loan where they can refinance their current FHA Loan with another FHA Loan at a lower rate without paying for another appraisal.  In order to qualify for a FHA Streamline Refinance Mortgage loan, all borrowers on the original FHA loan needs to be on the new FHA Streamline Loan.  No income verification is required, no appraisal is required and no credit scores are required.  However, if you have high credit scores, we can include credit scores to get the best possible mortgage rate.  FHA Streamline Loan programs rewards FHA borrowers with high credit scores.

Qualification Requirements For FHA Streamline With Recent Late Payments?

The FHA Streamline Loan no credit scores required allows homeowners with low credit scores, derogatory credit, recent late payments, and recent derogatory credit to qualify for a FHA Streamline Refinance Loan. These loans program are non FICO score driven and you can still qualify for a FHA Streamline Mortgage loan as long as you have been timely on your mortgage payments the past 12 months.  You can be on all of your credit obligations but not on your mortgage payment.  A one time 30 day late payment is allowed, however, the late payment cannot have been in the past 3 months.

FHA Streamline Loan: Fast Closing Turnaround Time

If you currently have a FHA insured mortgage loan at a higher interest rate, you may want to consider FHA Streamline Loan where no appraisal, no credit scores, and no income verification is required.  There is no money out of pocket for the borrower and no closing costs. Most FHA Streamline Refinance loans can close in 21 days or less.  There is only a limited amount of paperwork required.

You can have recent late payments and still qualify for the FHA Streamline Refinance Loan. However, we do require that you have been timely with your mortgage loan payment for the past 12 months. One 30 day late payment in the past 12 months is allowed. There are no credit score minimum requirement with the FHA Streamline Loan program are non FICO score driven. You can qualify for the FHA Streamline Refinance Loan program as long as you have just been timely with your mortgage payment in the past 12 months. There are no appraisal required with the FHA Streamline Loan. There is no income verification with the FHA Streamline Loan program so your debt to income ratios will never be an issue.

How Do I Get Started On FHA Streamline?

Very easy to get started on a FHA refinance mortgage loan. Several documents will be requested such as your mortgage recent mortgage billing statement,  your HUD-1 Settlement Statement, and copy of the mortgage note.  Most FHA Streamline mortgage lenders process, underwrite, and close no later than 21 days from the date you have signed your mortgage loan application and received your mortgage loan disclosures.