The FHA Streamline Refinance program is experiencing a wave of new applications as current FHA borrowers look to take advantage of lower rates without the hassle of a full underwriting process. The program requires no appraisal and minimal documentation.
Mortgage lenders report that streamline refinances are being processed in as little as two weeks, compared to 30 to 45 days for conventional refinances. Borrowers must demonstrate a net tangible benefit from the refinance to qualify.
