A mortgage refinancing option offered by the Federal Housing Administration to homeowners who are currently in an FHA mortgage with good payment history. This loan allows borrowers to refinance without an appraisal and instead uses the homeowner’s initial purchase price.

The purpose of this offer is to provide alternatives to existing borrowers to lower costs and make refinancing more accessible. The reduced documentation allows current borrowers to refinance into a lower rate quicker and easier than a traditional refinance.

Here is a list of requirements one must meet to qualify:

  • Your current mortgage must be FHA-insured.
  • You must have made on-time, in-full mortgage payments for the past 12 months.
  • Your FICO credit score has to be at least 620 or higher. Some lenders require a credit score of 640 or 680 on an FHA loan.
  • You cannot have refinanced within the past 210 days.

If you meet these guidelines or are unsure, contact us at (855) MILEND-1