Did you have a recent FHA loan and want to know if you are eligible for streamline into a lower rate? Here are some guidelines you need to take into consideration.
FHA will not assign a Streamline refinance case number until the loan being refinanced meets all of the following seasoning requirements:
o 210 days have passed since the closing date of the FHA loan being refinanced and
o The borrower has made at least six payments on the FHA loan being refinanced and
o At least six full months have passed since the first payment due date of the FHA loan being refinanced
o FHA does not permit ordering a case number as a rate and term refi to circumvent these requirements and FHA will not revise a case assigned as a rate and term or cash-out to a Streamline refinance