A streamline refinance refers only to the amount of documentation and underwriting that is conducted on a loan file by the mortgage company. Mortgage companies may offer FHA streamline refinances at "no cost" (actually no out-of-pocket expenses to the borrower) by charging a higher interest rate on the new loan. Other companies may offer streamline refinances that wrap the costs into the new mortgage amount. Unfortunately, there must be sufficient equity in the property. Before deciding which option best fits your needs, it is important to weigh not only the costs but also the long term impact that a higher rate or a higher mortgage payment will have.
FHA streamline refinances do not require credit underwriting, unless the principal balance is increasing, in which case, HUD requires a 12 month payment history. New individuals may be added to title on a streamline refinance without credit review. Deleting individuals from title on a streamline refinance may require qualification (certain exceptions may apply).
To find a lender that can provide details and help you with your FHA Refinancing, simply fill out the following questions. After you submit your application, we will analyze your information and match you up with the right lender for your refinancing needs. Your inquiry will only be presented to fully qualified lenders who we find will meet your exact financing needs.
