Refinance your existing FHA Mortgage to lower the rate or out of an Adjustable Rate Mortgage (ARM)with a FHA Streamline Refinance
Lower your rate with a simple Streamline Refinance:
May not require income verification
Verification of assets required if needed to close
Certification that the borrower is employed and has income
Must have made at least six (6) payments on existing FHA Loan
Up to 125% Loan to Value (LTV)
Requires upfront and monthly mortgage insurance (MI)
Must result in a "Net Tangible Benefit"
A 5% reduction to the principal and interest (P&I) of the mortgage payment plus the annual mortgage insurance premium (MIP)
Refinancing from an Adjustable Rate Mortgage (ARM) to a fixed rate mortgage
To refinance a non-FHA loan into a FHA or for a rate & term or cash out FHA refinance, take a look at the FHA Refinance Program.
If you are looking to remove Mortgage Insurance, consider a Conventional Refinance. No MI is required on LTVs below 80%. Additionally, If the LTV on your loan is 80% or higher when your loan closes, your MI can be cancelled once it drops below 80%.