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FHA Streamline Refinance
A Quick and Easy Way to Reduce Your Mortgage Payment if you currently have an FHA Loan. NO Appraisal needed to just lower your payment.
Ask About our Special pricing to get your rate in the 5's in January 2024!
Streamline Requirements
All you need to Streamline your FHA loan is:
1. A current Mortgage Statement.
2. A Copy of your Note (In the package from escrow when you purchased or last refinanced your house).
3. Copy of your Homeowner's Insurance Policy
4. Apply Now Click Here |
Take these Steps and Get Started today:
Step 1: Gather your current mortgage statement, Promissory Note from your existing loan, and a copy of the declaration page of your homeowner's insurance policy.
Step 2: Complete the Streamline Refinance Form. Or Apply directly Click here
Step 3: Upload documents Securely with the application Click here
Step 4: Submit the form and you have started your Streamline Refinance. We will contact you immediately and make sure you understand everything.
That's It! No hassles, no income qualifying, no verifying your bank accounts, just sign your disclosures and you are on your way.
Additional Articles on Refinancing:
The FHA Streamline Refinance Guidelines are Detailed below:
FHA has permitted streamlined refinances on insured mortgages since the early 1980s. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender.
The basic requirements of a Streamline Refinance are:
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The mortgage to be refinanced must already be FHA-insured. |
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The mortgage to be refinanced should be current (not delinquent). |
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The refinance is to result in a lowering of the borrower's monthly principal and interest payments. |
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No cash may be taken out on mortgages refinanced using the streamlined refinance process. |
Guidelines For Streamline Refinances
FHA Streamline No Verification Of Job, Income, Credit:The FHA Streamline Refinance is fairly easy for which to qualify.
In a sweeping guideline update, in April 2011, the FHA abolished verification for practically everything on an FHA Streamline Refinance mortgage application. Now, as written in the FHA's official mortgage guidelines, the mortgage approval process for an FHA Streamline Refinance says :
- Employment verification is not required by an FHA Streamline Refinance
- Income verification is not required by an FHA Streamline Refinance
- Credit score verification is not required by an FHA Streamline Refinance
And, as mentioned earlier, there's no need for a home appraisal, either.
Put it all together and it means that you can be (1) out-of-work, (2) without income, (3) carry a terrible credit rating and (4) have no home equity -- and yet, you will still be approved for the FHA Streamline Refinance program.
That's not as crazy as it sounds, by the way.
To understand why the FHA Streamline Refinance is a smart program for the FHA, we have to remember that the FHA's chief role is to insure mortgages -- not "make" them.
Therefore, it's in the FHA's best interest to help as many people as possible qualify for today's low mortgage rates. Lower mortgage rates means lower monthly payments which, in theory, leads to fewer loan defaults.
This is good for homeowners that want lower mortgage rates, and for the FHA, but mostly for the FHA.
FHA Streamline Refinance Requirements:
Some Basic rules to obtain a Streamline are as follows;
1. Perfect, 12-Month Payment History Is Required
FHA's main goal is to reduce its overall loan risk. Therefore, it's number one qualification standard is that homeowners using the Streamline Refinance program must have a perfect payment history stretching back 12 months. 30-day, 60-day, and 90-day lates are not allowed. Furthermore, loans must be current at the time of closing. You can have one Mortgage late in the last 12 months but none in the last 6 months.
2. 210-Day "Waiting Period" Between Refinances
The FHA requires that borrowers make 6 mortgage payments on their current FHA-insured loan and that 210 days pass from the most recent closing date, in order to be eligible for a Streamline Refinance.
3. Employment And Income Are Not Verified
The FHA does not require verification of a borrower's employment or annual income as part of the FHA Streamline process. There is no Verification of Employment, nor are there pay-stubs, W-2s or tax returns required for approval. Although this rule exists most lenders will require that you have a job to prove you have the capacity to repay the loan. Lenders that don't require any verification of income will have higher interest rates.
4. Credit Scores Are Not Verified
The FHA does not verify credit scores as part of the FHA Streamline Refinance program. Instead, it uses payment history as a gauge for future loan performance. This means that FICOs under 640, under 620, under 580, and under 500 are eligible for Streamline Refis. Although, some lenders will require that you run a full credit history and you might get a better interest if you allow this.
5. Must have good reason to use the Streamline loan (Net Tangible Benefit)
Streamline Refinance applicants must demonstrate that there's a "Net Tangible Benefit" in the refinance; a legitimate reason for refinancing. Loosely, Net Tangible Benefit is defined as reducing the (principal + interest + mortgage insurance) component of the mortgage payment by 5 percent or more. Another allowable Net Tangible Benefit is to refinance from an adjusting ARM into a fixed-rate loan. Reducing the term of the loan may also be considered. Taking "cash-out" to pay bills is not an allowable Net Tangible Benefit.
6. Loan Balances May Not Increase To Cover Loan Costs
The FHA prohibits increasing a Streamline Refinance's loan balance to cover associated loan charges. The new loan balance is limited by the math formula of (Current Principal Balance + Upfront Mortgage Insurance Premium). All other costs -- origination charges, title charges, escrow population -- must be either (1) Paid by the borrower as cash at closing, or (2) Credited by the loan officer in full. The latter is called a "zero-cost FHA Streamline".
7. No Out-of-Pocket Costs:
This is achieved by the borrower accepting a slightly higher interest rate and the lender paying all associated costs.
8. Appraisals Not Required
The FHA isn't concerned about home value -- it's ensuring your loan regardless. Therefore, the FHA does not require appraisals for its Streamline Refinance program. Instead, it uses the original purchase price of your home, or the most recent appraised value, as its valuation point. Homes that are underwater are still FHA Streamline-eligible.
If you do establish value by using an appraisal and income qualifying for the loan in the traditional way you can include the costs of the refinance into the loan amount. If you have sufficient equity (the difference between the appraised value and the new loan amount) you may take cash out of the equity up to 85% of the appraised value.
I want to start my refinance
FHA Streamline Refinance Mortgage Insurance Requirements
The FHA Streamline Refinance is an FHA-insured mortgage, and FHA borrowers are required to make two types of mortgage insurance payments -- an upfront mortgage insurance payment paid at closing, plus an annual one split into 12 installments, paid with your mortgage payment each month.
With respect to mortgage insurance premiums, as of June 1, 2009, homeowners using the FHA Streamline Refinance program are split into two classes :
- Homeowners whose new loan replaces FHA-backed mortgages endorsed before June 1, 2009
- Homeowners whose new loan replaces FHA-backed mortgages endorsed on or after June 1, 2009.
Beginning June 11, 2012, homeowners in the first class -- those with"old" FHA mortgages to refinance -- will pay markedly lower mortgage insurance than homeowners in the second class of borrowers.
Note: that all unused portions of the MIP on the old loan being refinanced will be credited to the new refinance MIP.
FHA Streamline Refinance MIP Rates (For Loans Endorsed Before June 1, 2009)
If your existing FHA mortgage was endorsed prior to June 1, 2009, your mortgage insurance premiums have been "grandfathered". You can refinance to the FHA Streamline Refinance program and pay reduced rates for both for upfront MIP and annual mortgage insurance premiums.
Upfront MIP (Mortgage Insurance Premium)
For an FHA Streamline Refinance that replaces a loan endorsed before June 1, 2009, the new FHA mortgage's upfront mortgage insurance is equal to 0.01 percent of the loan size, or 1 basis point.
For example, if your new FHA Streamline Refinance is for a $100,000 mortgage, the FHA will assess a $1 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically rolls the $1 payment into your new loan balance.
Annual MMI (Mutual Mortgage Insurance or the Monthly Mortgage Insurance)
Annual MMI is similarly cheap. For an FHA Streamline Refinance that replaces an FHA loan endorsed before June 1, 2009, the annual MMI is 0.55% annually or 55 basis points.
The complete annual MIP schedule is as follows :
- 15-year loan terms with loan-to-value over 90% : 0.55 percent annual MMI
- 15-year loan terms with loan-to-value under 90% : 0.55 percent annual MMI
- 30-year loan terms with loan-to-value over 95% : 0.55 percent annual MMI
- 30-year loan terms with loan-to-value under 95% : 0.55 percent annual MMI
15-year fixed-rate mortgages with LTVs of 78% or less pay no annual MMI.
For an FHA Streamline Refinance that replaces an FHA loan endorsed prior to June 1, 2009, and for which the mortgage is a jumbo FHA mortgage in excess of $625,500, there is no additional mortgage insurance premium.
If you find yourself confused call us at (916) 672-6130.
FHA Streamline MIP For Loans Endorsed On Or After June 1, 2009
If your existing FHA mortgage was endorsed on, or after, June 1, 2009, your new FHA mortgage insurance premiums are the same as for all other FHA mortgage applicants.
Upfront MIP (Mortgage Insurance Premium)
For an FHA Streamline Refinance that replaces a loan endorsed on, or after, June 1, 2009, the new FHA mortgage's upfront mortgage insurance is equal to 1.75 percent of the loan size, or 175 basis points.
For example, if your new FHA Streamline Refinance is for a $100,000 mortgage, the FHA will assess a $1,750 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically rolls the $1,750 payment into your new loan balance.
Not all FHA homeowners will pay this full amount, however.
One great thing about the FHA Streamline Refinance program is that the FHA offers a refund on previously paid upfront MIP so long as you're still within the first 3 years of your mortgage.
As an example, refinancing after 11 months grants a 60% refund, but waiting just one more month lowers that refund down to 58%. This is why is rarely a good idea to "wait to refinance" with the FHA. With the FHA Streamline Refinance, the sooner you refinance, the bigger your MIP refund.
You can review your own FHA mortgage insurance refund chart at the top.
Click here to apply for a refinance.
Annual MMI (Mutual Mortgage Insurance some call it Monthly Mortgage Insurance)
Change Effective January 26, 2015
For an FHA Streamline Refinance that replaces an FHA loan endorsed on, or after, June 1, 2009, the annual MMI varies based on loan type and loan-to-value.
The annual MMI schedule, for loans with case numbers assigned on, of after, June 1, 2009 : Begining January 26, 2015.
New MIP amounts set forth in this table are effective for case numbers
assigned on or after January 9, 2015.
Term > 15 Years
Base Loan Amt. LTV MIP
≤ $625,500 ≤ 95.00% 80 bps
≤ $625,500 > 95.00% 85 bps
> $625,500 ≤ 95.00% 100 bps
> $625,500 > 95.00% 105 bps
Term ≤ 15 Years
≤ $625,500 ≤ 90.00% 45 bps
≤ $625,500 > 90.00% 70 bps
> $625,500 ≤ 90.00% 70 bps
> $625,500 > 90.00% 95 bps
bps=basis points which are a fraction of a percentage. Example 55 bps= .80% So a $100,000 loan amount would have an annual MIP of $800 or /12 $66.67a month.
15-year fixed-rate mortgages with LTVs of 78% or less pay no annual MMI. Mortgages made for $625,500 or more are subject to an additional 0.25 percent annual mortgage insurance fee.
A Los Angeles, California homeowner, therefore, using the FHA's full $729,750 local loan limit for a low-down payment, a 30-year fixed-rate mortgage will pay an annual mortgage insurance premium of 1.50% to the FHA, or $912 per month.
Note that mortgage insurance payments are included in the FHA's Net Tangible Benefit requirement. You must lower your monthly payment by 5 percent to qualify for the FHA Streamline Refinance.
FHA Loan by County Click Here.
The FHA Streamline Refinance is among the easiest and best-valued mortgage products available.
If you have an existing FHA mortgage, get yourself an FHA Streamline Refinance rate quote. FHA mortgage rates are low and my office underwrites and funds FHA loan in-house. This means we can close your mortgage faster, entitling you to a bigger FHA refund check on your Streamline Refinance.
Fill out the info at the bottom of the page to start your California Streamline Refi application or click here to apply
This FHA Streamline Refinance information is accurate as of today, November 13, 2014. If you get FHA Streamline Refinance information somewhere else, it may be inaccurate or out-of-date. This information is good for all states, however, we are only licensed in California so we can only streamline California properties.
Do business with the company that has provided you all this information. We will match or beat any other legitimate rate quoted. Complete this form or call us.
OR Call Today (916) 672-6130
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