FHA Streamline RefinanceAn FHA Streamline is a simplified refinancing process for homeowners with an existing Federal Housing Administration (FHA) mortgage. It requires less documentation and is typically a quick process.
What you need to know about FHA Streamline refinancesDo you have an existing FHA mortgage? The FHA Streamline refinance program may be the answer for you. This program gets its name because it allows homeowners to refinance their FHA loan to a lower rate more quickly than a typical refinance. The amount of documentation required is reduced and you often do not need an appraisal done, saving you time and money.
It's important to note that you won't get more than $500 cash at closing, so if you are looking to get more cash back you may want to look into a cash-out refinance. Speaking to a Loan Officer about your goals is a great place to start.
The process is easier and faster than a typical refinance
No appraisal is typically required, saving you money
There is no verification of income or employment required
Refinance and obtain a lower interest rate