FHA Streamline Loan Requirements

FHA Streamline loans can help homeowners lower monthly mortgage payments and interest rates. But what do you need to qualify for an FHA Streamline loan? To begin, you need an existing FHA mortgage—if you don’t have an FHA loan but want to refinance, your options include conventional refinancing or applying for an FHA refinancing loan.

For those who do have an FHA home loan, the other requirements for FHA Streamline include:

• 1. Being current on the existing loan with all mortgage payments made on time for the last year.


• 2. You must own the original property for at least six months before you can qualify for refinancing.
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• 3. To refinance you’ll need an FHA-approved lender. If you don’t want to use your current lender, any bank you choose must be FHA approved. ( We are Approved)
  
• FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.


• Arranged a “no-cost” FHA Streamline loan. You may also choose to include the closing costs into your loan a “with appraisal” FHA Streamline loan. In these cases you must have enough equity in the home to cover the extra amount.

There is another Streamline product made for those who want a refinancing plan to help them modify or improve the home. This is known as an FHA Streamline 203(k) Loan. The 203(k) is similar to ordinary Streamline loans with a few exceptions.
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