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Refinance

Already have an FHA loan? The streamline skips the appraisal.

The FHA streamline refinance lowers your rate with no appraisal and minimal paperwork, as long as the new loan gives you a real benefit. FHA cash-out lets you borrow up to 80% of the home's value, even if your current loan is not FHA.

StreamlineNo appraisal, limited docs
Cash-outUp to 80% of value
Minimum credit580
Net benefitRequired on streamlines
See if I qualifyCall (800) 511-3330
4.4 on Google · 214 reviewsNMLS 13988Licensed in 15 states + DC
Who it's for

Is the FHA refinance right for you?

  • FHA borrowers with a rate above today's market
  • Owners who want cash out with a credit score under 680
  • Anyone whose income has changed since the original loan (streamlines often skip income verification)
  • Borrowers consolidating debt into one payment
How it works

Three steps from here to closing.

Which FHA refinance

Streamline if you already have FHA and want a lower rate; cash-out if you need funds or are coming from another loan type.

Application

Streamlines need six months of on-time payments and a net tangible benefit. Cash-out is full-doc with an appraisal.

Close

Typically two to three weeks. Part of the original upfront mortgage insurance is refunded on a streamline.

What you'll need

Requirements at a glance.

  • Existing FHA loan with 210 days and six on-time payments for a streamline
  • Credit score of 580 or higher
  • Rate reduction that meets FHA's net tangible benefit test (streamline)
  • Appraisal, income and 12 months of ownership for cash-out
  • Primary residence
Straight talk

The upside, and what to weigh.

Why people choose it

  • Streamline can close without an appraisal or a full income review
  • Cash-out accepts lower credit scores than conventional
  • Part of your original upfront premium comes back on a streamline

Things to consider

  • Mortgage insurance continues on the new FHA loan
  • Closing costs cannot be rolled into a streamline (lender credits can cover them)
Common questions

Asked on almost every first call.

Do I need an appraisal?

Not for a streamline. Cash-out requires one.

Can I take cash out on a streamline?

No. A streamline can only reduce your rate or move you from an ARM to a fixed loan.

Should I refinance to conventional instead?

If you have 20% equity and a score above about 680, conventional removes mortgage insurance for good. We run both.