What is an FHA Streamline Loan?
If you own a home you still owe mortgage payments on, chances are you’re examining your refinancing options. In today’s economy everyone needs a way to lower monthly payments and make housing more affordable.
The FHA has a variety of refinancing options to make owning a home more affordable, including FHA Streamline loans. FHA Streamline loans are designed for people who already have FHA mortgages. FHA Streamline loans have reduced paperwork, simple requirements for eligibility, and a list of features that make FHA Streamline financing very attractive for borrowers:
- Lower your monthly payments - permanently
- No credit check or income verification required
- Home re-appraisal not required
- No meetings with your loan officer – apply by phone or online
FHA Streamline loans make lowering your monthly payment easier than ever. Plus, the extra money you have at the end of the month can go a long way toward helping you reach your financial goals.
What are the Requirements for an FHA Streamline Loan?
Just as with your original FHA insured loan, there are requirements:
- The home must still be your primary residence
- You must be current on your original loan
- Your original loan must be an FHA loan