A lot of our clients have FHA loans and they have a lot of questions about an FHA refinance. When you already have an FHA loan and want to refinance it, the government has made it easier for borrowers to get that done. An FHA refinance is called a streamline FHA refinance because they take out many of the normal refinance steps in most cases, like no appraisal, no income verified (employment is verified), and cash reserves are not needed if there is no cash required to close the loan. Also, your credit score is not factored in, which is huge; the only credit requirement is to be current on the FHA loan for the last 12 months. Here is a good article on exactly what an FHA loan is:


Now, if you have an FHA loan and want to take advantage of the historical low rates all you need to do is contact us as we are an FHA approved lender. There is no money out of pocket, you can drastically lower your interest rate, and you can skip a month in payment. Also, as an added bonus, if your FHA loan was acquired prior to 2009 your old mortgage insurance premiums will not be affected (which are much lower than today’s rates). The streamline refinance process can be done from start to finish in less than 2 weeks.

Let us know how we can help. By the way, we are also VA approved, so if you have a VA loan their streamline refinance is even easier!