The FHA streamline refinance program makes it easier for homeowners with FHA loans to take advantage of lower interest rates. With a streamline refinance, you can replace a current FHA loan with a new FHA loan that has a better rate or better terms. These terms can include shortening the life of the loan or switching to a fixed-rate mortgage.
A new home appraisal is not required with streamline refinancing. The credit terms are more flexible than other types of mortgage refinances. There are easier credit and income documentation requirements. And there are no loan-to-value ratio limits on FHA streamline refinances, which means you can be eligible even when you have little home equity.
Current Freedom Mortgage customers who streamline refinance their FHA loans with us can keep their remaining loan term the same. Freedom Mortgage is the #1 FHA lender in the United States according to Inside Mortgage Finance, 2020. To find out if you qualify, visit our Get Started page or call us at 855-855-8168.
What is an FHA streamline refinance?
The streamline refinance program lets FHA-approved lenders like Freedom Mortgage refinance FHA-insured loans to a lower interest rate with no home appraisal and fewer documentation and underwriting requirements. Current Freedom Mortgage customers may only need to submit a current utility bill to show proof of occupancy. These reduced requirements cut down significantly on the amount of time it takes to refinance an FHA loan.
You may be able to save money on interest or lower your monthly payment with an FHA streamline. By refinancing, the total finance charges you pay may be higher over the life of the loan.
There are requirements you’ll have to meet to be eligible for streamline refinancing. These requirements include:
- Benefit from refinancing. This is also called receiving a "net tangible benefit."
- Have an FHA loan. You can only use streamline refinancing to replace an existing FHA loan with a new FHA loan.
- Meet the "seasoning" requirements. This typically means at least six months need to have passed since the first payment due date of your existing mortgage.
- Make six monthly payments. You need to have made six payments on your existing FHA loan and be current on your payments too.
To learn more about the requirements, read our article of FHA streamline refinance guidelines. You will also need to meet our credit, income, and financial standards to get your FHA refinance approved.
FHA streamline refinance rates
The rate we may be able to offer you for an FHA streamline refinance depends on current market conditions, your personal credit and finances, the amount you want to borrow, and more. Your personal rate may be higher or lower than rates you see advertised online. To find out the FHA streamline refinance rate you might get from Freedom Mortgage, please complete our Get Started page or call us at 855-855-8168.
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