FHA Loan Requirements

One of the things stopping people from jumping on a Streamline Refinance is uncertainty about what the FHA loan requirements are. Going into a loan not knowing if you will be able to qualify can be a scary process and can stop you before you even start. The good news is that qualifying for an FHA Streamline Refinance can be as easy as these few FHA loan requirements.

• Your original loan must be a FHA loan.
• No FHA mortgage payment that have been 30 days late in the last 12 months.
• The refinance must result in a lowering of the monthly principal and interest payments.
• You must have owned your original property for at least 6 months.
• You also need to have a FHA approved lender, the bank can offer one or ask us and we will point you in the right direction!
• You must be ready to save money on your Mortgage!

There are a few other FHA Home Loan requirements but in general qualifying for a FHA Loan is as easy as that. That is why it is referred to as Streamline Refinance, because it is easy, quick, and hassle free! The government has provided a process that has never made it easier to refinance your original mortgage, which means it is easy for you to save money. Although there can be a few other requirements, these are the most common.

More FHA loan Requirements

• 2 years of steady employment
• Bankruptcies must be at least 2 years old
• Foreclosures must be at least 3 years old
• Mortgage should be no more than 30% of your gross income

If you do not meet these requirements than perhaps a FHA Streamline Refinance is not for you. However, there are many more options available that can help you save. For further information contact one of our trusted lenders to help guide you to the loan that is right for you.

Don't have a FHA Loan? Read more about a VA Streamline Refinance or Conventional Streamline Refinance.