Mortgage 101: How Does a FHA Streamline Mortgage Work?

Posted on May 2, 2016 · Posted in Connecticut Mortgage Refinance, FHA Streamline

Mortgage 101: What is an FHA Streamline Loan?

When refinancing or applying for a home loan for the first time, many terms may be thrown out at you and you might have no idea what they mean! Your home is one of the biggest investments in your life- you want to make sure you make wise financial decisions. When speaking with a loan officer about refinance options, they may suggest streamlining your current FHA loan.

An FHA streamline is a popular, quick and easy loan program to lower your present rate. Here’s a few of its great features:

Must have an FHA loan

NO APPRAISAL is required!

Your loan size cannot increase- you will receive a lender credit to offset all closing costs.

Quick turnaround time: streamlines usually takes only about three weeks to close.

A lower rate equals lower monthly payments

Here’s what we’ll need from you:

  • The note from your current mortgage
  • Your most recent mortgage statement
  • Two months of bank statements to show you have enough reserves to make one mortgage payment.
  • Employment Certification: we will have to verify that you are still gainfully employed.
  • Minimum credit score of 580.


Rates are still low- now is a great time to lower your current rate for huge monthly savings. Feel free to call me today so we can get started!


Thank you,


Michael Meyer
Senior Vice President of Northeast Financial
210 S. Main St Middletown, CT 06457

Company NMLS#117273

Residential Clients: Click Here For Application