The FHA streamline refinance isn't right for everyone, but if rates significantly dropped or you can afford a fixed-rate loan and want out of an ARM, it can make sense. If you'll stay in the home for the foreseeable future, you can either save money on interest or have a more predictable payment.
FHA borrowers have an exceptional program available to them called the FHA streamline refinance. It's a simple way to get a lower mortgage payment and/or lower rate, but it's not for everyone.
Read this guide to learn all about FHA streamline refinance and how it works.
In the past, a lot of potential borrowers were declined for FHA loans due to the presence of student loans. Now, the Biden Administration along with the FHA has eased a lot of their regulations surrounding student loans, making it easier for borrowers with student loans to qualify for a home loan.