Streamline FHA Loan

Retail Banking Mortgage Streamline FHA Loan

​​​​​​​​​​Reduce your annual interest and monthly payments.​​

Designed for people who have an FHA mortgage and wish to reduce their interest rate and their current mortgage’s monthly payment.

This refinancing option is considered streamline because it allows you to reduce the interest rate on your current home loan quickly and often without an appraisal. FHA Streamline Refinance also cuts down on the amount of paperwork that must be completed by your lender, thus saving you valuable time and money.

What are the benefits of an FHA Streamline Loan?

It doesn’t require new appraisal.

Appraisal from the previous property is used, helping you save from the moment you start the mortgage transaction. This loan serves as an immediate economic relief and simultaneously safeguards your mortgage payment.

Significantly reduces short-term and long-term costs.

For Streamline Refinance transactions that are refinancing existing FHA loans which were endorsed on or before May 31, 2009, the UFMIP will decrease from 100 bps to 0.01 percent of the base loan amount, and the Annual MIP will be 55 bps (regardless of the base loan amount).

For all loans endorsed after May 31, 2009, you can apply the current insurance premium at the time of loan origination.

The FHA Streamline program does not allow you to finance closing costs. However, we provide the alternative of the Streamline FHA Lender Paid, where you will have the option of choosing an interest offer that enables you to obtain credit for closing costs; so your contribution may be lower or none.

Quick, easy and safe process.

It does not require income verification nor appraisal expenses, and there is barely any documentation required, helping you save time and money.

How to qualify?

  • Customer must have an insured FHA loan by, or before, May 31st, 2009.

  • The mortgage to be refinanced should be current (not delinquent). There cannot be any delays in the payment in the last three months, and only one delay from the past 12 months.

  • Property must be your principal residence.

​​​For loans closed after May 31st, 2009 customers can qualify for a Streamline FHA Loan, but under the annual and monthly insurance in effect at the time the loan was originated. Refinancing should provide a benefit and reduction of at least 5% of your current monthly payment.​