FHA streamline refinance loans are special mortgages that are only available to existing FHA customers seeking a rate and term refinance. Millions of homeowners are currently paying a home loan payment that is likely too high.  If you presently have an adjustable rate mortgage where the interest rate has rest then you need to find a new mortgage that secures a fixed interest rate. By refinancing your ARM you will be installing more security against future rate hikes that would cause your monthly payment to increase.

If you currently have a FHA insured mortgage you may qualify for a “FHA Streamline Refinance“. The streamline loans will typically reduce the closing costs and documentation required for conventional refinance loans.  Even if you have a bad credit mortgage, you may qualify for streamline refinancing as long as you presently have an FHA mortgage. The basic requirements of a streamline refinance are:

• Existing loan to be refinanced must already be FHA insured.
• The current mortgage being refinanced must be current (not delinquent)
• The proposed refinance loan must reduce of the borrower’s monthly principal and interest payments.
• FHA home refinancing is allowed with Rate and Term only
• No cash may be taken out with the new home loan refinanced using the streamline refinance process.