The biggest difference between the FHA Streamline and most traditional refinance programs is that it doesn’t require a home appraisal.  Instead, the FHA will allow you to use your original purchase price as your home’s current value, regardless of what your home is actually worth today.  With an FHA streamline refinance, most documentation is elminated making the process fast and simple. 

Here is an overview:

  1.   No appraisal is required.
  2.   No income documentation is required.
  3.   No credit report is required (only a mortgage payment history is used).
  4.   Closing Costs are reduced or elminated (no appraisal fee or underwriting fee).   And most times, we can help pay your costs!
  5.   You will skip at least one monthly payment!

If you have an FHA loan and are looking for a fast and easy way to reduce your interest rate and monthly payment then the FHA Streamline Refinance program is right for you!