The FHA Streamline Refinance program allows existing FHA mortgage holders to reduce their note rate and monthly payment with minimal underwriting and zero new appraisal.
1. Key FHA Streamline Eligibility Criteria
- Seasoning Requirement: At least 210 days must have passed from the closing date of the original FHA loan, and at least 6 monthly payments must have been made.
- Payment History Standard: The borrower must have zero 30-day late payments within the preceding 6 months.
- Net Tangible Benefit (NTB): The refinance must reduce the combined principal, interest, and monthly mortgage insurance premium (MIP) by at least 0.50% (50 basis points).