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how soon can i streamline refi fha after purchase

by karlrobinson898402 from Cool Ridge, West Virginia. Jun 3rd 2015 Reply


Scott Kinne (Skinne)
#30 ranked lender in Virginia - 66 contributions

In order to qualify for an FHA streamline refinance you need to receive a 5% drop in your monthly P&I and MI payment between your old loan and the new, OR, be switching from an ARM to a Fixed Rate. Additionally, you can do a Streamline Refinance after you have made six (6) payments of the FHA mortgage being refinanced.

Jun 3rd 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Scott has given you the correct answer.

Jun 3rd 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

The key to Scott's answer is 6 payments so you will need to be more than likely 7 months from your purchase date.

Jun 3rd 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Lots of good/accurate answers above, however even a 5-10% reduction in the payment oftenisn't enough to make it worth doing.

Jun 3rd 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,439 contributions

You must make at least 6 payments, and then you must also receive at least a 5% drop in the Principal, interest, and mortgage insurance potion of your payment to qualify for an FHA Streamline Refinance. For FHA Streamline refinance in MN, WI, and SD, visit www.Streamline-Refinance-mn.com

Jun 4th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

FHA rules are very clear.. you need to wait till you have made 6 payments, so about 7 months, and you must be getting the benefit of at least a 5% reduction in your Principal & Interest & Mortgage insurance payment to qualify. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 4th 2015
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