If you own a home and it is financed with an FHA insured loan, then you may want to consider an FHA streamline refinance if prevailing rates are lower than what you have now.
FHA Streamline Refinance Benefits
There are some amazing benefits of an FHA Streamline refinance loan. They are as follows:
No Income Documentation - There is no income documentation required. Even if you have no job, you could get approved for an FHA streamline refinance.
No Appraisal - There is no appraisal needed for an FHA streamline refinance.
Lower Mortgage Insurance - If you paid down a portion of your existing FHA loan, it is likely that your new mortgage insurance premium will be lower after your FHA streamline refinance.
Low FHA Rates - FHA interest rates are extremely competitive. The same applies with the streamline refinance if your credit scores are not low.
Who offers FHA Streamline Refinance Loans?
Most lenders who provide FHA financing also offer the FHA streamline refinance. However, not all lenders accept lower credit scores. Some also have a limit on what debt to income ratios they will accept.
If you are working with a lender now and they cannot approve your loan, then it is possible they just are working on much more restrictive guidelines.