The Federal Housing Administration (also known as FHA) has allowed FHA streamline refinances on federally insured mortgages since the early 80's. Since then, many FHA homeowners have utilized this program to lower their interest rate with very low costs and in many cases, no cost at all.
In a typical FHA streamline refinance, there isn't any credit underwriting required, unless the principal mortgage balance is increasing, in which case, HUD will need to have a 12 month mortgage payment history. This mortgage loan allows new person(s) to be added to title on a FHA streamline refinance without a review of their credit report.
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Arizona FHA Streamline - FREE TO APPLY
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A Streamline refinance is a "no out of pocket cost" rate reduction of your existing FHA mortgage.
An appraisal is not required unless closing cost are wrapped into the loan and taking a lower rate.
No income or assets are required.
The borrower will receive a refund for the balance of their existing escrow account.
The mortgage has to be FHA insured.
All mortgage payments must have been paid current by the borrower.