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.
Meet Juli Gleed
A Home Loan specialist with over 25 years experience. She can help you find the best loan program that meets your needs.