FHA Streamline refinance for current FHA borrowers
If you already have an FHA loan, an FHA Streamline can refinance it with less paperwork. The non-credit-qualifying option does not require income documentation or an appraisal.
- Google rating4.9209 reviews
- Lenders compared100+on every loan
- Credit check1soft pull available
- BBB ratingA+Better Business Bureau
- Licensed inFL · GA · COFLNMLS #1781090
- Bilingual teamEN/ESEnglish & Español
Overview
An FHA Streamline is a refinance of an existing FHA loan into a new FHA loan. With the non-credit-qualifying version, the lender does not verify your income or order an appraisal, which makes it one of the simplest refinances available. It is only for borrowers who already have an FHA-insured mortgage, and it cannot be used to refinance a conventional, VA or other non-FHA loan.
FHA requires a net tangible benefit, such as a lower combined rate and mortgage insurance cost, or a move from an adjustable rate to a fixed rate. Your current loan must be seasoned, which generally means at least 210 days since closing and at least six monthly payments made. You also need a recent on-time payment history. The streamline is not a cash-out refinance, and cash back at closing is limited to a small amount.
Lenders may add their own requirements, called overlays, such as a minimum credit score or a credit report even when FHA does not require one. QMS compares FHA-approved lenders to find one whose overlays fit your situation, and we confirm the net tangible benefit before you apply. If your current FHA loan is recent, part of the upfront mortgage insurance premium may be credited toward the new loan. All loans are subject to credit approval and lender guidelines.
Is it a good fit?
- Already have an FHA loan on your home
- Have made your recent payments on time
- Want a lower rate, lower mortgage insurance cost or lower payment
- Want to move from an adjustable rate to a fixed rate
- Prefer not to document income or pay for an appraisal
- Have had your current FHA loan for at least 210 days
What you'll need
- Current mortgage statement
- Government-issued photo ID
- Homeowners insurance information
- Bank statements, if funds are needed to close
- Recent payment history, if the lender requests it
- Any additional items your lender requires under its own guidelines
How it works
How it works with QMS
Confirm eligibility
We check your loan type, seasoning and payment history against FHA streamline rules.
Show the benefit
We compare FHA lenders and confirm the new loan meets the net tangible benefit test.
Close with less paperwork
With no appraisal or income documents, the file moves to closing with fewer steps.
FAQ
FHA Streamline loan FAQs
Don't see yours? Call us or send a message. We answer the same business day.
305-425-1990Does an FHA Streamline require an appraisal?
FHA does not require an appraisal for the non-credit-qualifying streamline, so the new loan is based on your existing loan balance instead of a new home value. A streamline with an appraisal is also possible in some cases, and lenders may set their own rules. We will tell you which version fits your situation and confirm what your lender requires before you apply.
Do I need to verify my income?
Not for the non-credit-qualifying FHA Streamline. FHA does not require income verification or a new debt-to-income calculation for that version. A credit-qualifying streamline does verify income and is required in some situations, such as when a borrower is being removed from the loan. Some lenders also pull credit as an overlay, even when FHA does not require it.
How soon can I do an FHA Streamline after buying my home?
FHA requires your current loan to be seasoned. Generally, at least 210 days must have passed since your closing, you must have made at least six monthly payments, and at least six full months must have passed since your first payment was due. Your recent payment history must also meet FHA standards. We can check your dates and tell you when you are eligible.
Can I take cash out with an FHA Streamline?
No. An FHA Streamline refinances your existing balance, and cash back at closing is limited to a small amount. If you want to tap your equity, an FHA cash-out refinance, a conventional cash-out refinance, a HELOC or a fixed-rate second mortgage may work better. We can compare those options with you and show which one fits your goals.
Get started
Know your numbers before you make an offer.
Tell us about your scenario and we'll price it across our lenders the same business day.