This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamline Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.
 

• Your Current Mortgage Must Already Be FHA-Insured
  Streamline option is only available to borrowers with an existing FHA loan.

• The Mortgage Must Be Current
  This means that you have not missed any payments. You must have made at least 6 monthly payments and have had your existing mortgage for a minimum of 210 days before you can apply for the Streamline Refinance option.

• There Must Be a Net Tangible Benefit
  The FHA requires that there be some advantage for the borrower if they go ahead with a Streamline Refinance.

 
This refinancing option is beneficial to homeowners whose property has increased in market value since the home was purchased. A Cash-Out Refinance allows homeowners to refinance their existing mortgage and consolidate debt or cash out. To be eligible for an FHA cash-out refinance, borrowers are allowed loan proceeds up to 80% of the newly appraised value.
 
A Cash-Out Refinance is a great option for many homeowners. The funds can be used for home improvements, college tuition, debt consolidation (to pay off other high interest rate loans).
Credit Score Guidelines
Applicants must have a minimum credit score of 580 to qualify for an FHA cash-out refinance.

• Debt-to-Income Ratio Guidelines
  The FHA has guidelines regarding an applicant's debt-to-income ratio in order to keep people from entering into mortgage agreements that they cannot afford.

• Maximum Loan-to-Value Guidelines
  FHA Cash-Out Refinance loans have a maximum loan-to-value of 80 percent of the home's appraised value.

• Payment History Requirements
  Documentation is required to prove that no mortgage payments have been missed during the previous 12 months.