How to Get Approved for an FHA Streamline Refinance: The Step-by-Step Process

If you’ve decided to pursue an FHA Streamline Refinance, the process may seem a bit complicated. However, if you follow these basic steps, you’ll be able to complete the refinance quickly and conveniently.

1. Verify that You Meet the Initial Requirements

The first step to completion is to make sure that you meet all the requirements. Review the our FHA Streamline Refinancing Requirements guide and make sure you meet all the requirements.

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2. Contact a Lender Who Can Service FHA Streamline Refinancing

Once you verify that you meet the initial requirements, you can contact a lender who services FHA Streamline Refinancing. While it may be convenient, you don’t have to use the lender that serviced your original loan. To find a lender in your area, HUD provides a convenient List Search that helps to located FHA-approved lenders. You can search for approved lenders in your zip code, county, or state, or you can even enter the lender’s name if you know their name but don’t know how to contact them.

3. Collect Required Financing, Including Mortgage Statement (See Required Documents section)

Before you actually visit the lender, you’ll want to collect all the required documents for processing the loan. See the “FHA Streamline Refinancing Requirements” and review all required documents in the second subsection.

4. Fill Out Loan the Applications with a Lender

Now you will have to fill out all the loan documents. You can complete this process on your own, but it may be beneficial to have a lending professional provide assistance so you are certain that everything is filled out properly.

5. Wait for Approval

At this point, you’ll need a bit of patience. It can take time for your application to be processed, so you’ll have to wait for approval.

6. Sign the Closing Documents Provided by the Lender

Assuming you are approved, your lender will provide documents for closing the refinance loan. In most cases, these will be completed at the lender’s office.

7. Pay Closing Costs (Unless they are rolled into the loan)

If the closing costs are not rolled into the loan, they will have to be paid at this time. Paying the closing costs will essentially finalize the loan.

8. Enjoy the Benefits of a Refinanced Mortgage!

You now have a refinanced mortgage! You will soon see the benefits of lower payments, reduced interest rates, or accelerated equity, depending on the loan and your overall goals!