A FHA streamline refinance is a mortgage program that allows you to lower your monthly payments with limited documentation. Streamline FHA Mortgage loans are insured by the Federal Housing Administration. This program is only available to homeowners who already have an FHA-insured mortgage — if your current loan is conventional or another type, see our standard FHA refinance options instead.
A streamline refinance typically does not require a new appraisal and uses reduced documentation, which can make the process faster than a standard refinance. FHA guidelines require the refinance to provide you a net tangible benefit, such as a lower rate or payment.
For more information on a Streamline FHA Mortgage, call 800-555-2098 or apply online today!
What Is a FHA Streamline Refinance Mortgage
FHA streamline refinance loans are only available to homeowners who currently have an FHA mortgage. If your current rate is higher than today's competitive FHA rates, this program is worth a look.
The loan is called a "streamline" because the process uses limited documentation. Many investors do not require income or asset documentation, so the streamline FHA mortgage process can move quickly once you're pre-qualified.
Our loan officers at Riverbank have years of experience with streamline refinances and offer competitive FHA mortgage rates.
Benefits of a FHA Streamline Mortgage Refinance
- Typically no appraisal required
- Limited documentation compared to a standard refinance
- Closings can move quickly once your application is complete
- Must provide a net tangible benefit, such as a lower rate or payment
- Competitive FHA mortgage rates
Streamline Refinancing Your FHA Mortgage
To qualify for a FHA Streamline Refinance with Riverbank Finance LLC, you generally need an on-time payment history on your current FHA loan and a demonstrated net tangible benefit from the refinance, such as a lower rate or payment.
FHA Streamline refinance loans are available for primary residences, second homes, and investment properties.
If you meet that criteria, you'll complete a streamline refinance application with a loan officer, who will let you know your options and next steps.
Is a FHA streamline refinance mortgage the best home loan for you? Get Started Now!
Do I need an appraisal for an FHA streamline refinance?
Most FHA streamline refinances do not require a new appraisal. Your loan officer can confirm whether an appraisal is needed for your specific situation.
Can I take cash out with an FHA streamline refinance?
No. The FHA streamline refinance is a rate-and-term program only, with a small allowance for incidental cash back at closing. If you want to access your equity, look at our FHA cash-out refinance instead.