An FHA streamline refinance allows you to replace your current FHA loan with a new FHA loan that has a lower interest rate. FHA streamline refinancing may give you better terms on your mortgage or a lower monthly payment. FHA streamline refinances often require less paperwork and a faster closing compared to other types of refinances.

FHA loans and FHA streamline refinances are programs of the Federal Housing Administration (FHA).

Benefits of refinancing your FHA loan with an FHA streamline loan include:

• Lower rates. Refinancing can help lower your rate and monthly payments or save money on interest. Freedom Mortgage offers competitive FHA streamline rates with low fees and no hidden costs.
• Better terms. You can change from an adjustable-rate to a fixed-rate loan or change the number of years left to pay off your mortgage with an FHA refinance.
• Easier application. FHA streamline refinances applications are easier to complete compared to Conventional refinance applications. You can apply over the phone.
• Easy credit qualification. FHA streamline refinances offer flexible credit requirements as compared to Conventional mortgages.
• Faster closings. We make refinancing easy, fast, and hassle free. Our experienced Loan Advisors have helped customers close their FHA streamline refinance loan in 30 days.
• No home appraisal. Most FHA homeowners do not need a new appraisal to refinance. This saves you time and money.
• No income verification. You probably won't need to send us W2 forms, pay stubs, tax returns, or other income documents when you refinance.
• Our customers can keep their loan term. If you are a Freedom Mortgage customer, you can often keep the same loan term when you refinance with us. For example, if you have 17 years left on your current FHA mortgage, you can often refinance with a new FHA mortgage for 17 years, too.
• Refinance multiple times. There is no limit on the number of times you can refinance an FHA loan. However, you should refinance only when it makes financial sense.

Many factors affect whether FHA streamline refinancing makes sense for you. How much you might save depends on today's rates, the new rate you might qualify for, the amount of your current loan, your closing costs, how many years remain on your mortgage, and other factors. Use the FHA refinance calculator on this page to estimate your savings.

To refinance your FHA loan, you must complete an application. This application is simpler and faster than other refinance applications. Our experienced Loan Advisors can help you apply, right over the phone.

You'll need to sign loan disclosures and attend the closing to finalize your refinance. Other requirements include:

• Have an existing FHA loan. You'll need to replace an existing FHA loan with a new FHA loan to be eligible for streamline refinancing.
• Get a financial benefit from refinancing. FHA guidelines require you to receive a net tangible benefit (NTB) from FHA refinancing. This benefit usually requires a reduction in your rate that results in a lower monthly payment or interest savings over the life of the loan.
• Have the FHA loan for six months. For the current FHA loan that is being refinanced, you must have made at least six payments, at least six full months must have passed since the first payment due date of the loan being refinanced, and at least 210 days must have passed from the closing date of the mortgage is being refinanced.
• Show a record of on-time payments. You'll need to have made your last six mortgage payments on time in order to be eligible.
• Meet credit score requirements. FHA streamlines have easier credit qualifications, compared to other mortgage refinances.
• Pay mortgage insurance premiums. You'll also pay monthly insurance premiums. Learn about FHA mortgage insurance.
• Pay closing costs. The closing costs for FHA streamline refinancing are usually between 2% and 5% of the loan amount, according to the Mortgage Reports website. Learn about FHA closing costs.
• Take little cash from your home equity. You can't get more than $500 in cash from your home's equity with an FHA streamline refinance.

The FHA streamline refinance rate we may be able to offer is personal to you. Your rate is affected by your credit score, your income and finances, the value of your home's equity, and the current mortgage market environment.

We may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what FHA streamline rate we can offer you by calling 877-220-5533.