FHA streamline refinance, a program that allows homeowners with FHA-backed mortgages to refinance with less time, hassle, and paperwork. With a Streamlined Refinance, you don't need to go through the FHA appraisal process again since the FHA has already valued the property.

The streamline program is only available to homeowners who already have FHA loans, but that doesn't mean you have to refinance with your existing lender. FHA loan requirements and fees may vary by lender.

The basic requirements of a streamlined 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 new loan's interest rate and/or term.

Lenders may offer streamline refinances in several ways. Some lenders offer "no-cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher interest rate 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 incurred on the transaction. FHA does not allow lenders to include closing costs in the new mortgage amount of a streamlined refinance. Get A Quote Today!