FHA Streamline
What's the catch?
FHA Streamlines have specific eligibility requirements — and it's important to understand them upfront.
Your current mortgage must already be FHA-insured, and you must be current on your mortgage payments, with no recent 30-day late payments or forbearance. The refinance must also meet FHA's Net Tangible Benefit requirements, meaning the new loan has to provide a qualifying financial benefit under FHA guidelines. Your credit score must be 580 or higher, and the property cannot have an outstanding second mortgage associated with Down Payment Assistance (DPA). If you meet these basic requirements, an FHA Streamline may be an option. Final eligibility is determined based on your individual loan and lender review.
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