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FHA Streamline Refinance
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The FHA Streamline Refinance guidelines are straight-forward and plain. The FHA wants lender to confirm just little bit, gloss past a lot, and make certain that the refinance has a bona fide benefit in the form of lower monthly payment.

Lenders following the FHA's official published loan guidelines look for three things, and three things only. You must be able to answer "Yes" to the following:

1. Have you made six mortgage payments on your current FHA mortgage?

2. Do you have a 3-month perfect payment history on your current FHA loan, and no more than 1 mortgage late in the last 12 months?

3. Are you lowering your monthly payment by 5% or more?

Beyond that, nothing. No appraisals are required, no credit scores are checked, and it's okay to be unemployed. The FHA ignores these things because they don't matter.

So long as you've been paying as agreed for the last 12 months and so long as your mortgage payment is shrinking, the FHA is happy to help you refinance.



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About the Author

Scott McNamee, Garden State Home Loans
Brigantine, NJ 08203
609-206-0136

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