FHA Streamline Refinance Program is a special refinance program designed for homeowners in California with a Federal Housing Administration (FHA) Loan. This program gives the FHA Borrowers the opportunity to lower their interest rates and monthly payments.
How can you qualify for a Refinancing Program?
- The mortgage must be FHA insured
- Mortgage payments must be current
- Your new loan must lower your monthly principal and interest payments, or be converting from an adjustable rate (ARM) to a fixed-rate
- The home must be your primary residence
- Your current loan must be at least seven months old
Key Benefits of FHA Streamline Refinance:
- An appraisal is no longer needed
- Less documentation
- Minimum credit scores are no longer required
- Skip one mortgage payment
- Lender fees reduced