If your home has an FHA-insured mortgage, learn how to get a lower fixed-rate FHA streamlined refinance loan.
Step 1: Find out if you have an FHA mortgage Locate your loan documents and look for a 10-digit FHA case number to find out if have an FHA-insured mortgage. Your current mortgage must be FHA insured to qualify for an FHA streamlined mortgage refinance.
TIP: FHA case numbers can also be found on escrow account statements and original mortgage closing statements.
Step 2: Contact lender Contact your original FHA mortgage lender and ask if they originate FHA streamlined mortgage refinances. If they don't, contact other lenders.
Step 3: Find out your FICO credit score Find out your FICO credit score, a factor in determining if you qualify for an FHA streamlined mortgage refinance.
TIP: 720 or higher is an excellent score. 660 to 719 is good. 620 to 659 is average. 619 and below is below average.
Step 4: Complete application Choose a lender and fill out an FHA streamlined mortgage application. Loan approvals are determined by the review and verifications of the private lender.
FACT: The FHA loan program originated during the Great Depression when home foreclosure rates spiked and 2 million construction workers lost their jobs.