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FHA Streamline Refinance

Streamline Refinance Guidelines

Here’s a condensed list of possible streamline refinance guidelines and rules:

  • Must be current on your existing mortgage

  • Refinance must clearly benefit the borrower

  • No cash out allowed

  • No income/asset verification

  • Minimal credit requirements ( as low as 580 FICO score)

  • Less paperwork

  • Faster processing ( 30 days or less)

  • Lower closing costs

  • No appraisal necessary

  • Skip one or two house payments

  • You have to live in the house you are refinancing.

  • You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.

  • You have not completed an FHA Streamline Refinance in the past 6 months.

  • 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.