FHA Streamline Refinance: Twelve Months of On Time Payments (Video)

By: | December 10th, 2012

The FHA streamline refinance is an FHA offer for existing FHA borrowers. Since the housing crisis began, FHA mortgages have undergone several changes to the upfront and annual mortgage insurance premiums. On a better note, FHA drastically lowered the upfront and annual mortgage insurance premiums for the FHA streamline refinance during this past summer.

The FHA streamline with reduced fees is available for borrowers who have FHA loans that were endorsed prior to June 1, 2009. The upfront mortgage insurance premium is reduced to .01% and the annual mortgage insurance premium is reduced to .55%. The FHA streamline does not allow for cash out, but it also does not require an appraisal, a credit history or any other documentation. It is designed to be a quick and easy refinance.

To be eligible for the FHA streamline refinance, borrowers must have a clean mortgage payment record for the most recent twelve months. Since this program runs through the end of 2013, homeowners have until that time to apply and become current on their mortgage payments. Because twelve months are required, borrowers must start now and keep payments on time throughout the year in order to be approved by the end of 2013.

The above video explains more about the FHA streamline and this deadline for payment history that is vital for a successful FHA streamline refinance. surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.


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"I was looking at a 4.375% with Wells Fargo, my local bank, before stumbling upon via a google search. They hooked me up with a longstanding savings and loan bank of which I closed on a 30 year fixed rate of 3.75% with. I'd recommend anybody looking at refinancing or buying a home give free rate a shot."

-Joe Klien, Detroit, MI