FHA Streamline Refinance Without Credit History

By: | February 8th, 2013

FHA, the Federal Housing Administration, has several types of mortgage products available for consumers to purchase a home. In addition, FHA has one of the easiest and best refinance programs available. Known as a quick and easy process, the FHA streamline refinance is available without the need of a credit history.

The FHA streamline refinance is available to homeowners who want to refinance their existing FHA loan. Because FHA wants homeowners to have a mortgage that is affordable and advantageous to them, they encourage refinancing through the FHA streamline product. By making it a simple process, homeowners are less intimidated by the process that usually surrounds a regular refinance.

As long as there is no cash taken out, the FHA streamline loan does not require a credit score or a credit history for approval. It also does not require any other documentation for employment and income. There is no appraisal necessary either. FHA does require that the mortgage be current and have a good payment history. As far as FHA is concerned, if a homeowner has been making mortgage payments on time, they are a mortgage holder in good standing.

FHA also wants the streamline refinance to be beneficial for the homeowner. If a homeowner refinances to a better and more affordable FHA mortgage, it is also an advantage to FHA as well. Therefore, FHA does set forth criteria that must be met called “net tangible benefits” which assures that refinancing is a benefit for both parties.

Until the end of 2013, FHA has also reduced the upfront and annual mortgage insurance premiums for homeowners who have loans that were endorsed prior to June 1, 2009. By doing so, FHA is encouraging FHA homeowners to come forth and use the FHA streamline mortgage product in order to save money. 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