Government-Backed Loan
FHA Streamline Refinance
Already have an FHA loan? A Streamline refinance can move you into a better rate or term with less paperwork than a standard refinance, if it leaves you better off.
- ForHomeowners with an existing FHA loan
- AppraisalOften not required
- PaperworkLighter than a full refinance
- Must showA net tangible benefit to you
How It Works
A shorter path to a new FHA loan.
Because your current loan is already insured by the FHA, the Streamline program skips much of what a new loan needs. The rule is that the refinance has to leave you better off, usually with a lower payment or a more stable loan.
- 01
We check your current loan
Your loan must be FHA insured, current on payments and past the FHA's waiting period since closing. We confirm all three before anything else.
- 02
We test the benefit
Under current FHA rules, the new loan has to give you a net tangible benefit, such as a lower combined rate and mortgage insurance, or a move from an adjustable rate to a fixed one.
- 03
We price it across our lenders
Streamline pricing and lender requirements vary. We compare your options, including how closing costs are paid, and show you whether refinancing is worth it.
Program Highlights
Why homeowners choose a Streamline.
- Available only to homeowners who already have an FHA loan
- Often no new appraisal, so your current value matters less
- Less income and credit paperwork than a standard refinance in many cases
- Must provide a net tangible benefit, which protects you from a refinance that does not help
- Can move an adjustable-rate FHA loan into a fixed rate
- Under current FHA rules, part of your original upfront premium may be credited if you refinance within the first three years
Common Questions
What homeowners ask about FHA Streamlines.
It is a refinance for homeowners who already have an FHA loan. Because the FHA already insures your loan, the program skips much of the paperwork a new loan needs and often does not require a new appraisal. In exchange, the refinance must give you a real benefit, such as a lower payment.
Under current FHA rules, your existing loan must be FHA insured, your payments must be current, and enough time must have passed since your loan closed, generally at least six payments and about seven months. The refinance must also pass the FHA's net tangible benefit test. Lenders can add their own requirements, such as a minimum credit score.
No. A Streamline is built to improve your rate or term, not to borrow against your equity. If you want cash out, an FHA cash-out refinance, a conventional cash-out refinance or a HELOC may fit better, and we can compare them.
Usually not. Most Streamlines are done without a new appraisal, which helps when your home's value is hard to pin down. Some lenders offer a version with an appraisal, and we will tell you if it makes a difference for you.
There are still closing costs, and FHA does not allow them to be added to the new loan balance on a Streamline. You can pay them at closing or choose a lender credit in exchange for a higher rate. We show you both ways so you can see which costs less over the time you expect to keep the loan.
Yes. The new loan is still an FHA loan, so FHA mortgage insurance continues. If your goal is to drop mortgage insurance and you now have more equity, a conventional refinance may be worth comparing.
General information only, not a commitment to lend. Loan programs, guidelines, interest rates and terms are subject to change without advance notice.
See if a Streamline pays off across 50+ lenders.
Tell us about your current FHA loan. We will show you whether a Streamline would lower your payment and what it would cost to get there.