How many times can someone refinance their home with the FHA streamline refinance mortgage program?
As many times as it makes sense.
Often, when interest rates trend downward, it can make sense for someone to refinance their mortgage multiple times within a relatively short period of time. For example, if interest rates go from 8 percent to 5 percent over a 2 year period of time, it may make sense for someone to refinance their 8% mortgage to 7% and then 6% and then 5%. Of course, it might not make sense, but it might — and it all depends on the numbers.
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This is why there is a test called the “net tangible benefit test” so that your loan officer can make sure that you are refinancing and that you can reasonably make sure that the benefits of refinancing outweigh the costs that are associated with refinancing.
The FHA streamline refinance program is no exception — as long as you pass the net tangible benefit test, you can participate in the FHA streamline refinance program as often as it makes sense — even if you have participated in the FHA streamline refinance program recently. If your case can pass the net tangible benefit test, then you have the green light for the FHA streamline refinance program… or at least as far as FHA is concerned you do.
Whether it makes sense to you is a different story, though.