Q. What are the qualifications of a FHA streamline?
A. For you to qualify for a FHA streamline refinance there is basically only two qualification requirements: (A) Most currently have a FHA loan. (B) Most be current on your mortgage payment.
Q. Will my loan balance go up when I streamline refinance?
A. Typically, your loan balance will stay the same but you may choose to finance some closing costs but your loan amount will never exceed your original loan balance.
Q. What is the difference between a FHA streamline vs. a normal refinance?
A. The difference between a FHA streamline and other refinances has to do with the qualifications as well as the documents required to qualify. For a normal refinance, you must qualify for the loan and provide all of your income, banking, credit, and liability information as well as an appraisal. Typically the loan cost will be higher than a FHA streamline refinance.
Q. Can I consolidate bills with a FHA streamline?
A. You may not consolidate bills, mortgages, or get cash back with a traditional FHA streamline refinance, as the loan amount can never exceed your original FHA loan amount. FHA does allow for a bill consolidation loan and cash back but it requires the normal qualifications of a traditional loan and an appraisal.
Q. Will my credit be checked when I FHA streamline refinance?
A. FHA only requires that your mortgage payment history to be current. Your other credit will not be checked and is not taken into account.
Q. Is there an appraisal required when I FHA streamline refinance?
A. FHA does not require an appraisal for a FHA streamline refinance.
Q. How long does a FHA streamline refinance take?
A. The FHA streamline process normally only takes 15-30 days. This will vary dependant on the amount of refinance volume that is taken place at the time you are refinancing.
Free FHA Streamline & Refinance
