FHA Streamline loans can help homeowners lower monthly mortgage payments (Home Loans) and interest rates without the need for an appraisal!
In order to qualify for an FHA Streamline loan:
The current mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced should be current (not delinquent).
The refinance results in a lowering of the borrower’s monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate mortgage.
No cash may be taken out on mortgages refinanced using the streamline refinance process.