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FHA Streamline Refinance Guidelines

FHA refinance loans are considered the best in the business for refinancing an existing FHA loan. They help a person in lowering the interest rates on their FHA loan, thus considerably decreasing the mortgage payments they have to make every month.

The FHA streamline refinance loans are even better for a person who wants to refinance his FHA loan. The streamline FHA refinancing allows you not only the chance to skip appraisal but also verification of the income and credit score required for applying for loan refinancing.

Despite the great benefits that FHA streamline refinancing offers, it has some requirements, which need to be fulfilled or you will not be eligible to apply for it. In the case of a person not meeting any one of these requirements, his request for streamlined refinancing of his FHA loan would be declined.

Qualifications for FHA Streamline Refinancing

The following are some of the common qualifications that a person has to fulfill in order to become eligible for streamlined FHA refinancing

  • FHA insured loans
  • Payment History
  • Waiting Period
  • Net Tangible Benefit

FHA streamlined refinancing is only available for people that had earlier secured an insured FHA loan. Moreover, the refinancing is only extended to those borrowers who have had a clean payment history for the past year and maintained a good credit score. In addition to this, the streamline refinancing can only be applied for if the borrower has completed 6 monthly payments on his secured FHA loan. Of all the qualifications required for FHA streamline refinancing, the most important one is credit score. The following are some of the important credit score details you must keep in mind when applying for streamline FHA refinancing.

  • Clean credit history for past 12 months
  • Paid monthly payments for at least 6 months

FHA Streamline Refinance

Even though there is no requirement for a clean credit history when applying for streamlined FHA refinancing the credit score of a person has to remain spotless for the last 12 months or so.

Bankruptcy and Maximum LTV Allowed

When applying for streamlined FHA refinancing, a person also must not be going bankrupt and his refinancing request should also be under the maximum LTV allowed. The following are some important details that you must keep in mind when applying for streamline FHA refinancing.

  • You should not have filed for bankruptcy chapter 7 or 13
  • The program's maximum LTV limits can not be surpassed under no exceptions

Keeping these qualifications for quick and easy refinancing in mind can help a homeowner in securing FHA streamline refinancing for his or her insured FHA loans.

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1st Nationwide Mortgage Corporation
65 Enterprise
Aliso Viejo, CA 92656
(949) 207-3399

An Equal Housing Lender -   NMLS #1281

© 2005 1st Nationwide Mortgage Corporation. Trade/service marks are the property of 1st Nationwide Mortgage and/or it's subsidiaries. All rights reserved. * 1st Nationwide Mortgage offers these products through our family of companies. Purchase loans and Refinance loans are available for Jumbo mortgages , 30 year fixed, 15 year fixed, FHA loans, VA loans, HARP loans and Reverse Mortgages. *All of the scenarios listed above are subject to various credit debt to income ratio requirements that are subject to change without notice. This is not an offer for extension of credit or a commitment to lend. Loans subject to approval. Rates and programs subject to change without notice. These materials are not from HUD or FHA and were not approved by HUD or a government agency. This is not an offer to enter into a rate lock agreement under CA law, or any other applicable law. CA Loans made or arranged pursuant to California Finance Lender Law License 603K287 and CA Bureau of Real Estate, Real Estate Broker - Broker#01517084, (213)620-2072, California Department of Corporations, Alaska #AK1281, Colorado Mortgage Company Registration, Florida MLD1423, Texas SML #1437886, Oregon Mortgage Lending License ML-5326, Virginia #MC-6675, Washington Consumer Loan Company CL-1281 NMLS Consumer Access.

We have helped thousands of customers refinance or buy new homes over the last decade, earning us an A+ rating with the Better Business Bureau