FHA Streamline Refinance

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

What To Know About FHA Streamline Refinancing

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

FHA Streamline Refinance Benefits

You can reduce your monthly payment.
You’ll need fewer documents to refinance.
You won’t need a new appraisal.
There are no income limits or loan-to-value limits.
Your lender may not need to verify your income or credit score.
You can refinance even if you owe more than your home is worth.
You can close quickly.

Frequently Asked Questions

Do you still have questions about FHA Streamline refinancing? We’ve got answers.

Do you have to pay closing costs?

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.

What are the two types of FHA Streamline refinances?

A credit-qualifying Streamline refinance requires income verification and a credit check. A non-credit qualifying Streamline refinance does not.

Can you take cash out?

With an FHA Streamline refinance, you can borrow a maximum of $500.