FHA Streamlines

FHA Streamline is the simplest and easiest way to refinance an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets. An appraisal might not be required either depending on how much you have paid on your original loan balance.

MIP being cut! Rates are low!

It’s time for FHA Streamlines!

Please remember that FAMC requires NO appraisal, NO income, and Mortgage rating only with credit scores (640 min).

StreamlineANNOUNCING the Reduction of Federal Housing Administration (FHA) annual Mortgage Insurance Premium (MIP) rates and Temporary Case Cancellation Authority

Revised annual MIP rates for FHA Title II forward mortgages provides opportunity to utilize new and sometimes lower MIP rates.

Pursuant to its statutory mandate, FHA continuously strives to achieve the appropriate balance between meeting the housing needs of the borrowers FHA’s mortgage insurance programs were created to serve and minimizing the level of risk undertaken relative to the insurance of those mortgages. FHA has determined that the appropriate balance of its statutory operational goals now requires a reduction of the rate of annual MIP charged pursuant to Section 203(c)(2)(B) of the National Housing Act (NHA). As provided in this ML, the total annual MIP charged pursuant to sections 203(c)(2)(B) and (C) for most Title II Single Family forward mortgages has been revised as provided in this ML.

This ML reduces the rate for annual MIP for all Title II forward mortgages, with terms greater than 15 years, except;

Single family forward streamline refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009;
Section 247 mortgages (Hawaiian Homelands)
This ML supersedes the annual MIP rates established in ML 2013-4. All other sections of ML 2013-4 remain in effect.

The following table shows the existing and the new annual MIP rates by amortization term, base loan amount and Loan to Value (LTV) ratio. All New MIP amounts set forth in this table are effective for case numbers assigned on or after January 26, 2015.

Term > 15 Years
Base Loan Amt. LTV Previous MIP New MIP
≤ $625,500 ≤ 95.00% 130 bps 80 bps
≤ $625,500 > 95.00% 135 bps 85 bps
> $625,500 ≤ 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps
Term ≤ 15 Years
≤ $625,500 ≤ 90.00% 45 bps 45 bps
≤ $625,500 > 90.00% 70 bps 70 bps
> $625,500 ≤ 90.00% 70 bps 70 bps
> $625,500 > 90.00% 95 bps 95 bps