fbpx

FHA Streamline

The FHA streamline is only available to homeowners with existing FHA mortgages. The FHA streamline is the fastest way to refinance offered on the market today. It does this by simplifying the refinance process by waiving the documentation typically required such as income verification and home appraisal.

To ensure you qualify, please read here are some of the minimum standards you should be aware of.

  • You must have a perfect payment history for the previous three months prior to the funding of your new loan.
  • Only one mortgage late payment is allowed in the last 12 months.
  • You must wait a minimum of 210 days before you are eligible for a streamline refinance.
  • We must be able to show net tangible benefit by reducing the current combined interest rate by at least one-half of one percent.
  • Your new loan must not exceed the initial mortgage amount.
  • Another net tangible benefit would be to refinance from an adjusting ARM to a fixed-rate loan.
  • You cannot take extra cash when refinancing with an FHA streamline loan.

What documents do I need to apply?

  • A copy of your mortgage note to show your current loan rate and term;
  • A copy of your mortgage statement;
  • Two months bank statements to cover any out-of-pocket costs (if applicable);
  • Homeowners insurance declaration page to ensure your home is covered; and
  • A copy of your driver’s license.

The FHA streamline refinance is simple, fast, and easy. TexasLending.com has been assisting homeowners since 2001 with the FHA streamline refinance. Want to learn more about how TexasLending.com can help you save with an FHA streamline? Click below to get started today.

FHA Streamline
Minimum FICO
Credit Score
640
Maximum
Loan To Value
95%
Maximum
Debt To Income
50%*
Mortgage
Insurance
Yes
Years Since
Bankruptcy
2
Years Since
Foreclosure
3
Years Since
Short Sale
3
Special
Qualification
Requirements
Must have FHA Mortgage
FHA Streamline
Minimum FICO
Credit Score
:
640
Maximum
Loan To Value
:
95%
Maximum
Debt To Income
:
50%*
Mortgage
Insurance
:
Yes
Years Since
Bankruptcy
:
2
Years Since
Foreclosure
:
3
Years Since
Short Sale
:
3
Special
Qualification
Requirements
:
Must have FHA Mortgage