Streamline Refinance
Unlock the benefits of an FHA/VA Streamline Refinance
Ready to pay less interest on your mortgage and lower your monthly payment? An FHA/VA Streamline Refinance may be the right step for you.
What is a Streamline Refinance?
A streamline refinance refers to the refinance of an existing FHA loan or a VA loan mortgage.
They are a great way to lower your interest rate and monthly payments without the paperwork, time, and processes associated with a typical refinance. The reduced documentation leads to a “streamline process”.
- Lower Interest Rate
- Lower Monthly Payment
- No Hassle, Simple Process
- 10-Day Closing
There’s a lot to think about when buying a house – and it’s normal to have questions, especially if you are a first time home buyer.
Maybe you want to change your term or lower your payment or payoff your loan faster. A rate and term mortgage could be your key to both.
Finding a great home loan involves careful consideration of your needs, finances and history. We are here to guide you.
Frequently Asked Questions
The FHA Streamline is a no cash out refinance for existing FHA loans. Available as either “credit qualifying” or “non credit qualifying” refinance, these options are a great way to lower your interest rate and monthly payment.
Per FHA Guidelines, the new loan amount cannot exceed the original loan amount resulting in most streamline refinances having large “lender credits” to offset closing costs and prepaids. This allows you to refinance to a lower rate and payment without being concerned about your balance increasing.
Since the current FHA loan is already insured by HUD, and provided the new loan meets the Net Tangible Benefit requirements, there is no need to completely qualify for a new loan. The result is a refinance without the typical documentation needed which gives the “Streamline” its name.
- No Appraisal required
- No Income Verification required
- Full credit report not required
- Skip up to 2 payments
To refinance with an FHA Streamline, you must meet the Net Tangible Benefit requirement. The definition of net tangible benefit varies based on the type of loan being refinanced but generally includes:
- New interest rate must be at least 0.5% lower than the current rate
- Minimum of 6 payments (or 210 days) must have been made on the current loan
- No more than one 30-day late payment in the last 12 months
- 580+ minimum credit score
The VA IRRRL, commonly known as a VA Streamline, is a no cash out refinance for existing VA loans. It’s a great way to lower your interest rate and monthly payment without the typical hassles of a refinance.
Per VA Guidelines, a VA IRRRL is allowed provided the Veteran meets the Net Tangible Benefit. VA defines the Net Tangible Benefit as a 36-month breakeven on closing costs. This requirement limits the new loan amount and places an emphasis on payment reduction. The Veteran must save money!
- No appraisal required
- No Income Verification required
- Full credit report not required
- Skip up to 2 payments
To qualify for a VA IRRRL, the following are required:
- Meet the net tangible benefit requirement
- Minimum of 6 payments payments (or 210 days) must have been made on the current loan
- No more than one 30-day late payment in the last 12 months
- 580+ minimum credit score
We have the experience, the social track record, and access to the right resources to get loans done.
Ready to Buy or Refinance?
Take Our 60 Second Smart Homebuyer Quiz To Find Out How Much You May Qualify For
- Work With a Local Mortgage Expert
- Competitive Rates & Fees
- (404) 303-7411
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Whether you are buying a new home, getting cash from your home’s equity, seeking a more affordable payment, or want to pay off your home loan sooner, our mortgage professionals explain your options simply and clearly — and offer you competitive rates and terms to help you save.
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1. Complete Your Application
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2. Become a Certified Home Buyer
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3. Time for Processing
A processor verifies information, orders the appraisal, title report, and homeowners insurance.
4. Closing on Your New Home
Once the loan is cleared to close, the loan documents are sent to the title company for signing.