FHA Streamline Refinance
Refinance an existing FHA loan with no appraisal and minimal documentation.
How it works
The FHA Streamline refinances an existing FHA loan to a lower rate with minimal paperwork - no appraisal and no income verification on the standard non-credit-qualifying version. You must show a net tangible benefit (a meaningful drop in rate and payment), be current on payments, and have held the loan about 210 days. Mortgage insurance still applies.
Key things to know
- Weigh the new rate and term against your current loan — a refinance resets the clock.
- Budget 2-5% of the balance in closing costs (or roll them in for a higher rate).
- Find your break-even: costs divided by monthly savings.
- Cash-out is capped at 80% LTV conventional/FHA; VA cash-out can reach 100%.
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Frequently Asked Questions
- What is the fha streamline refinance?
- The FHA Streamline refinances an existing FHA loan to a lower rate with minimal paperwork - no appraisal and no income verification on the standard non-credit-qualifying version. You must show a net tangible benefit (a meaningful drop in rate and payment), be current on payments, and have held the loan about 210 days. Mortgage insurance still applies.
- What does it cost?
- Most refinances run 2-5% of the loan in closing costs. A no-closing-cost version trades those fees for a slightly higher rate.