- Type of Loan: The FHA Streamline Refinance Loan is considered a Government Loan insured by HUD. It is only available to current FHA loan holders or whose loan is insured by HUD. It was created by FHA to help homeowners reduce their interest rate and/or mortgage insurance premiums of their existing FHA loan without re-qualifying under regular FHA underwriting guidelines.
- Loan Term: 10, 15, 20, 25 and 30 years. Odd loan terms are also available.
- Mortgage Insurance: FHA requires MIP ( Mortgage Insurance Premium) both up front and monthly. Borrowers having an FHA loan less than 36 months qualify for an FHA MIP refund credited within their new streamlined refinance.
- Credit Score Requirements: 550 Middle Credit Score for all borrowers.
- Down Payment Requirements: This is a refinance program with no minimum equity requirements as a new appraisal is not required.
- Interest Rate: Fixed/ Adjustable
- Additional Facts: Residential Mortgage Solutions closes most all their FHA streamline refinances within 21 days from loan application. Unlike most other lenders, we offer a lender advance for your escrow account; thereby, allowing less money out of pocket at closing. Because of the “streamlined” underwriting guidelines with no appraisal or income qualifications, the FHA streamline may be the right loan for you.