FHA Streamline Refinance |NC & SC
Lower Your FHA Mortgage Insurance & Interest Rate
The FHA Streamline Refinance is designed to help FHA homeowners lower their monthly payments with minimal documentation. No appraisal, no credit score minimum, and fast closing.
What is an FHA Streamline Refinance?
The FHA Streamline is a “non-credit qualifying” refinance for homeowners who already have an FHA-insured mortgage. Because the FHA has already insured your loan, they don’t require a new appraisal or extensive re-verification of your income, making it one of the easiest ways to save money.
Who Qualifies?
- Existing FHA Loan: You must have an FHA mortgage in good standing.
- Payment History: No more than one 30-day late payment in the last 12 months.
- Waiting Period: You must have made at least 6 payments on your current FHA loan.
- Net Tangible Benefit: The refinance must significantly reduce your combined interest rate and mortgage insurance (MIP).
Benefits of FHA Streamlining
- Reduced Monthly Costs: Lower interest rates plus potentially lower annual MIP rates.
- No Appraisal: Save time and $500–$700 in appraisal fees.
- Minimal Documentation: We focus on your payment history, not your paystubs.
- Speed: Streamlined processing means we can close in as little as 15–20 days.
Costs & Pitfalls to Consider
While FHA streamlines are easy, they aren’t “free.” You still pay an Upfront Mortgage Insurance Premium (UFMIP), though a portion of your old UFMIP may be refunded. Also, you cannot take cash out or pay off other debts with this program. For cash out, a traditional FHA refinance or Conventional loan would be required.
FHA Savings Snapshot
Current Payment: $2,150 (Rate: 6.875% + 0.85% MIP)
New Payment: $1,895 (Rate: 5.875% + 0.55% MIP)
Monthly Savings: $255 / Annual Savings: $3,060
Estimate Your FHA Streamline Savings
We’ll look up your current FHA case number and show you exactly how much you can save today.
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