FHA Streamline Refinance
Streamline Refinance Guidelines
Here’s a condensed list of possible streamline refinance guidelines and rules:
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Must be current on your existing mortgage
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Refinance must clearly benefit the borrower
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No cash out allowed
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No income/asset verification
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Minimal credit requirements ( as low as 580 FICO score)
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Less paperwork
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Faster processing ( 30 days or less)
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Lower closing costs
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No appraisal necessary
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Skip one or two house payments
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You have to live in the house you are refinancing.
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You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.
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You have not completed an FHA Streamline Refinance in the past 6 months.
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FHA does not have a minimum credit score required for a streamline refinance, but your lender might. Generally it’s best if you have a score of 580 or above.
*Keep in mind that these guidelines can vary widely from bank to bank, and not every lender will offer a streamline refinance, or approve you if they do.