How Many Times Can You Refinance With The FHA Streamline Refinance?
How many times can someone refinance their home with the FHA streamline refinance mortgage program?
As many times as it makes sense.
Often, when interest rates trend downward, it can make sense for someone to refinance their mortgage multiple times within a relatively short period of time. For example, if interest rates go from 8 percent to 5 percent over a 2 year period of time, it may make sense for someone to refinance their 8% mortgage to 7% and then 6% and then 5%. Of course, it might not make sense, but it might and it all depends on the numbers.
This is why there is a test called the net tangible benefit test so that your loan officer can make sure that you are refinancing and that you can reasonably make sure that the benefits of refinancing outweigh the costs that are associated with refinancing.
The FHA streamline refinance program is no exception as long as you pass the net tangible benefit test, you can participate in the FHA streamline refinance program as often as it makes sense even if you have participated in the FHA streamline refinance program recently. If your case can pass the net tangible benefit test, then you have the green light for the FHA streamline refinance program or at least as far as FHA is concerned you do.
Whether it makes sense to you is a different story, though.
IMPORTANT MORTGAGE DISCLOSURES:
When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.
Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.
When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check. Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.
Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.
Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.
NMLS ID #1237615 | AZMB #0928735
8123 South Interport Blvd. Suite A, Englewood, CO 80112