FHA Streamline Refinance

Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying options. “Streamline refinance” refers only to the amount of documentation and underwriting that the lender must perform, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced must be current (not delinquent).
  • The refinance results in a net tangible benefit to the borrower. The definition of net tangible benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the new loan.
  • Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline refinance process.

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Smart Mortgage offers streamline refinances in several ways. We offer “no cost” refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamline refinance. Investment properties (properties which the borrower does not occupy as his or her principal residence) may only be refinanced without an appraisal.

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    Finding the Perfect Streamline Refinance

    Thousands of consumers across the United States are refinancing while you read this.  Securing the right home loan doesn’t have to be hard, we have solutions for lower rates, shortening terms (30 year to 10,15,20 years), debt consolidation, cash out refinance.  We encourage consumers to compare our rates and no closing cost options with banks, lenders and credit unions.  We simplify the refinancing challenges presented by 2024 mortgage guidelines. At Smart Mortgage, our mission is to get you approved for a new mortgage with a low rate and even lower payment.  When it’s time to qualify, our highly trained specialists will work with you closely on an individual basis to:

    • Find you the lowest rate.
    • Find low or NO closing costs.
    • Close in 11-20 days.
    • Secure a payment that makes sense.

    Working around credit issues with Top Rated Specialists

    The FHA Mortgage team is celebrating its 27th year in business.  Our experience allows for consumer mortgage confidence especially with low rate refinancing options.  We navigate consumers through the mortgage process,  explain options and find what choice works best for you. We specialize in a variety of refinance programs.  Including streamline refinancing, rate and term, debt consolidation, and cash out options.

    Google 5.0 Rating

    “Brian Birk and Jon are very professional and make the process easy to understand from start to finish.After my wonderful experience with Smart Mortgages, I now refer Veterans from my non-profit to them. The program for Vets is one of a kind and generous for helping those who gave their all. Thank you for all your help and support for my family and our Vets”.

    BBB A+ Accredited

    “THESE GUYS ARE EXCELLENT! I had the pleasure of working with Jamie for the first time a few years ago when I was trying to refinance my condo. After reaching out to several other lenders who never returned my calls after they found out I was underwater, I was lucky enough to find Jamie. Jamie was able to refinance me at a great rate! He walked me through all my options to make sure that I was able to make an informed decision that would work best for me. He promptly answered all my questions and made the process go so smoothly. I’ve recommended him to my friends and just used his help again when purchasing a home. I cannot say enough great things about Jamie and Smart Mortgage Centers. These guys are the real deal…great service and great people.”

    Yelp 5.0 Rating

    “We are forever grateful to have come across Jon. He made the process of buying a home feel safe and exciting! We were able to buy our dream home and close on it in less than 30 days!! We 1000% recommend everyone to see smart mortgage center when you decide to buy a home. Jon, once again thank you for helping our dream come true and for saving us from what could’ve been a disaster.”