FHA Streamline Rate Reduction Refinance | Leaders Credit Union Skip to main content

FHA Rate Reduction Program

As a FHA Approved Lending Institution, Leaders is sharing the good news about the FHA Rate Reduction Program. During the current interest rate environment, there is a unique opportunity to maximize this streamline refinance program's benefits.

Key Benefits*

No out-of-pocket expense option
No appraisal or home inspection
Up to 2-months before new payments begin
Current escrow balance refunded post-close
Minimum 0.5% interest rate reduction required

No Out-of-Pocket Expense Option*

While applicants may choose to cover the costs of refinancing out-of-pocket, you may also elect no fee, no requalification secondary financing to cover costs.

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Key Requirements

Must apply with approved FHA lender
Minimum 640 qualifying credit score
Borrower currently has a FHA mortgage
Mortgage is at least 9 months old
Cash-out refinances not available

*FHA Rate Reduction Program loans are subject to additional terms, conditions, requirements, restrictions, and may change without notice. The above does not include a complete list of program requirements, and those listed may include requirements imposed by the lender in addition to standard program guidelines. Mortgage loans under this program are subject to underwriting guidelines and approval. This program may include refinancing of the principal loan balance, accrued interest, upfront mortgage insurance premium, and other eligible loan closing costs. Applicants must currently have a FHA home loan to apply. “No out-of-pocket expense option” described is a 5-year term, fixed-rate, closed-end second mortgage that eligible applicants may opt to use to cover eligible refinance closing cost expenses only. Interest rates of this second mortgage are determined based on credit score. Eligible applicants will not be required to re-qualify for this second mortgage and no fees/closing costs will be charged to close the second mortgage.  Eligible borrowers that opt not to use this second mortgage may cover the closing cost expenses of their FHA Rate Reduction Program loan out-of-pocket or elect a higher interest to have closing costs cover by the lender. Please contact Leaders Mortgage Services for full program details and requirements.