Here’s Why: You already have an FHA loan, and using this streamlined program can help you lock in an even lower rate
You’re currently in an FHA loan which is great news. That means you may be able to take advantage of the FHA Streamline refinance program. This is the easiest way to qualify to refinance as you won’t need an appraisal, credit score requirements are lowered (homeowners with scores as low as 580 can qualify), and there’s less documentation needed. Eligible homeowners can also refinance up to 97.5% of your primary home’s value, meaning you are able to refinance. 30, 25, 20, and 15 year fixed rate mortgages and a 5-year adjustable rate mortgage are all available.