FHA Streamline Refinance

What is A FHA Streamline Refinance?

An FHA Streamline Refinance is for persons who wish to lower their interest rate & monthly payment or change from a riskier mortgage (ie. an Adjustable Rate Mortgage) to a lower risk Fixed Rate Mortgage. FHA Streamline Refinances typically require reduced documentation and have easier credit approval guidelines, such as:

  • No Appraisal
  • No Income Documentation
  • No Asset Documentation (Unless you plan on bringing cash-to-close)

Are There any Closing Costs with an FHA Streamline Refinance?

Foundation Mortgage typically structures FHA Streamline Refis so that you have no closing costs & with you only bringing your typical monthly mortgage payment to closing.  By paying your closing costs for you, it helps ensure that you receive a true benefit from the refinance.  

How Long Does it Take to Close an FHA Streamline Refinance?  

The process typically takes under a month.


What are the Considerations of an FHA Streamline Refinance?

If FHA Mortgage Rates are low, and you don’t plan on selling or paying off your home in the near future, this is a fantastic program aimed at reducing your monthly payment and housing debt!  Speak with one of our professional, licensed Mortgage Bankers for a complete evaluation of your scenario now.


What Do I Need To Do To Qualify For A FHA Streamline Refinance?

  • Credit Score
    • There is a minimum credit score & mortgage payment history requirement.  Typically at least 550 or higher.
  • You need to have made at least 6 payments on your current FHA loan to qualify for an FHA Streamline Refinance.
  • Net Tangible Benefit

FHA has strict requirements to protect their borrowers and ensure that there is an actual benefit to you in terms of lower monthly payment or movement from an adjustable to fixed rate mortgage loan.  Foundation Mortgage will review your scenario with you and ensure that your refinance does meet FHA’s Net Tangible Benefit requirement before initiating the process!

TAKE CASH OUT

Leverage your investment and use the equity your home has gained over the years

Good for
Renovating your home
Paying down high-interest debt

Use my equity

LOWER YOUR PAYMENT

As an established homeowner, you can improve your financial security by refinancing to a lower payment

Good for
Lowering your monthly outlay
Planning for retirement

Reduce my payment

SHORTEN YOUR LOAN TERM

Learn how the home buying process works with our mortgage Refinance into a shorter term so you can pay off your mortgage soonere tools and resources page

Good for
Reducing the amount of interest you’ll pay
Becoming mortgage-free faster

Shorten my term