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FHA Streamline Refinance

Lower the monthly payment on your FHA mortgage without an appraisal.

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FHA Mortgage Rates

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Rates shown reflect current products available with Rocket Mortgage, a provider on our network.

15-year FHA Fixed-Rate Loan:
An interest rate of 7.125% (8.113% APR) is for the cost of 2.00 Point(s) ($7,000.00) paid at closing. On a $350,000 mortgage, you would make monthly payments of $3,213.39. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

Payment includes a one-time upfront mortgage insurance premium at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 0.15% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 80.00%, the 0.15% monthly MIP will be paid for the first 11 years of the mortgage term. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan.

20-year FHA Fixed-Rate Loan:
An interest rate of 7.125% (8.232% APR) is for the cost of 1.875 Point(s) ($6,562.50) paid at closing. On a $350,000 mortgage, you would make monthly payments of $2,884.16. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

Payment includes a one-time upfront mortgage insurance premium at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 0.5% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 80.00%, the 0.5% monthly MIP will be paid for the first 11 years of the mortgage term. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan.

25-year FHA Fixed-Rate Loan:
An interest rate of 6.99% (7.978% APR) is for the cost of 2.00 Point(s) ($7,000.00) paid at closing. On a $350,000 mortgage, you would make monthly payments of $2,616.32. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

Payment includes a one-time upfront mortgage insurance premium at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 0.5% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 80.00%, the 0.5% monthly MIP will be paid for the first 11 years of the mortgage term. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan.

30-year FHA Fixed-Rate Loan:
An interest rate of 6.99% (7.889% APR) is for the cost of 2.00 Point(s) ($7,000.00) paid at closing. On a $350,000 mortgage, you would make monthly payments of $2,471.37. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

Payment includes a one-time upfront mortgage insurance premium at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 0.5% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 80.00%, the 0.5% monthly MIP will be paid for the first 11 years of the mortgage term. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan.

Assumptions

  • Mortgage rates could change daily.
  • Actual payments will vary based on your individual situation and current rates.
  • Some products may not be available in all states.
  • Some jumbo products may not be available to first time home buyers.
  • Lending services may not be available in all areas.
  • Some restrictions may apply.
  • Based on the purchase/refinance of a primary residence with no cash out at closing.
  • Refinancing may cause finance charges to be higher over the life of the loan.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
  • The lock period for your rate is 45 days.
  • If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
  • Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Rocket Mortgage offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call to talk to one of our mortgage experts.
  • One point is equal to one percent of the loan amount.

This graph shows how weekly average mortgage rates have changed over the years.

What To Know About An FHA Streamline Refinance

Who Are FHA Streamline Refinances Best For?

An FHA Streamline refinance might be right for you if you want to:

  • Lower the monthly payment on your FHA loan
  • Switch between a fixed-rate and an adjustable-rate FHA mortgage
  • Refinance your FHA loan with fewer required documents

How Do FHA Streamline Refinances Work?

  • You can reduce your monthly payment by lowering your interest rate or extending your repayment term.
  • You can switch to a fixed interest rate with predictable monthly payments or an ARM with a low introductory rate.
  • Unlike other types of refinancing, a Streamline refinance does not require an appraisal.
  • One type of Streamline finance requires a more thorough credit check and income verification, while the other needs only a cursory credit check.
  • The amount of cash you can borrow with an FHA Streamline refinance is limited to $500.

How Do I Quality For An FHA Streamline Refinance?

  • An existing FHA loan
  • To be current on your mortgage payments
  • To have made at least six mortgage payments
  • A debt-to-income ratio that meets your lender\’s requirements
  • To show a net tangible benefit from the terms of your new loan
  • To wait at least 210 days since your initial closing

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Benefits Of An FHA Streamline Refinance

  • You don’t need a new appraisal.
  • You can lower your monthly payment or switch to a different loan type (adjustable rate or fixed-rate).
  • An FHA Streamline refinance does not require income requirements or stipulate a loan-to-value maximum.
  • Some lenders don’t need to verify your credit score.
  • Many FHA Streamline refinances may close fast.

Frequently Asked Questions

Explore the most common questions about an FHA Streamline refinance to find out if it meets your needs.

Yes, the FHA Streamline refinance loan still requires you to pay closing costs. However, some lenders will let you avoid closing costs in exchange for a higher interest rate.
A credit-qualifying Streamline refinance requires income verification and a credit check. A non-credit qualifying Streamline refinance does not.
With an FHA Streamline refinance, you can borrow a maximum of $500.

Ready to Refinance?

Get matched with a lender that can help you reach your financial goals.

Ready to Refinance?

Other Mortgage Options

30-Year Fixed-Rate Mortgage
15-Year Fixed-Rate Mortgage
VA Loan