The FHA Streamline Refinance is a special mortgage program, reserved for homeowners with existing FHAmortgages. Check your mortgage loan documents or your credit report to see if your loan meets this requirement.
FHA Streamline Refinances are the fastest and simplest way for FHA-insured homeowners to refinance to take advantage of favorable current interest rates on conventional mortgages. FHA Streamline options are similar to conventional mortgages in terms of loan period (15- or 30-year term) while offering a fixed or adjustable rate.
The FHA Streamline is an appealing solution, if you have been postponing a refinance expecting there might be significant hassle involved.
FHA Streamline Advantages
If you don’t have an FHA-insured mortgage, but want to refinance at a better rate, there are other options available. The Home Affordable Refinancing Program (HARP) is for Fannie Maeand Freddie Macmortgages. Conventional and VA loans have a refinance option similar to an FHA Streamlined Refinance.