Homeowners with an existing FHA mortgage in Nevada can lower their monthly interest rate and Mortgage Insurance Premium (MIP) via the FHA Streamline Refinance program with zero appraisal and minimal documentation.
1. Net Tangible Benefit (NTB) Requirements
- Fixed to Fixed Rate Reduction: The new combined interest rate + annual MIP must be at least 0.50% (50 basis points) lower than the current loan's rate.
- Adjustable to Fixed (ARM to Fixed): Borrowers transitioning from an ARM to a fixed-rate loan are exempt from the 50 bps reduction rule to secure long-term payment stability.
- Payment Seasoning (6-Month Rule): The borrower must have made at least 6 consecutive on-time monthly payments on the existing FHA mortgage, with at least 210 days elapsed since original closing.