Rules for Completing an FHA Streamline

Completing an FHA streamline can be a great way to help out your financial situation. If you qualify for an FHA streamline, you could stand to reap several benefits of the program. While it is a great program, not everyone can qualify. The program has rules and regulations that you have to follow. Here are a few of the rules for completing an FHA streamline loan.

Existing Customers

In order to qualify for an FHA streamline, you have to be an existing FHA customer. Therefore, anyone that does not already have an FHA mortgage in good standing, then you cannot get an FHA streamline mortgage. 

Lower Payments

The only reason that you can undergo an FHA streamline mortgage refinance is if you want to lower your monthly payments. Many other refinancing programs allow you to take cash out of the refinance. The only way to get an FHA streamline is if you want to lower your monthly payments.

No Credit Checks

With the FHA streamline process, they will not verify your credit history or your employment. Since you have kept your loan in good standing, they know that you are able to pay the loan. They also verified your credit history back when you first started. Therefore, they do not have to do it again.