How to get FHA to FHA refinance with no Appraisal, Income or Credit verification

If you live in the San Francisco Bay Area or rest of California state and if you currently have an FHA loan, you may be eligible for an FHA streamline refinance. This can help you lower your mortgage payment and mortgage rate. It could also help you move into a 30 year fixed loan from an Adjustable Rate Mortgage (ARM). And unlike a typical refinance, an FHA Streamline Loan doesn’t require Appraisal, Income or Credit verification. This is arguably the easiest loan process out there.

So how do you qualify for and what are the requirements for an FHA Streamline Refinance?

  • Your current mortgage must be an FHA Loan. Else your options are limited to going through a standard refinance which requires Income, Asset, Credit verificationn and also an appraisal.
  • Maximum Loan Amount is based on the lower of:
  1. Original Principal Balance, or
  2. The sum of existing mortgage balance (FHA Insured), Closing Cost, Pre-Paids to establish the impound account minus any up front mortgage insurance premium refund

  • The mortgage being refinanced must be current for the month due. Note that most of the lenders would ask for no late on mortgage payments for last 12 months.
  • There is no seasoning requirement for the existing FHA mortgage to be refinanced.

If the house doesnt have enough equity based on the original purchase price to cover for all the closing cost, you may decide to do an FHA Streamline refinance by getting an appraisal done if you believe the property has appreciated in value since your purchase.

If you currently have an FHA Loan and would like to review your options to see of you qualify for an FHA Streamline Refinance, feel free to call/email me and I will be glad to review your situation.