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FHA Streamline Refinance
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What is an FHA streamline refinance?
An FHA streamline refinance is a faster, lighter-paperwork way to refinance an existing FHA-insured mortgage into a new FHA loan, usually to lower the rate and payment. The word streamline means the FHA allows reduced documentation: in most cases no new appraisal and limited income and asset verification. You must already have an FHA loan to use it, because the program is only for refinancing one FHA mortgage into another. It is built for current FHA homeowners who want a simpler path to a lower payment.
Two paths
Credit-qualifying vs. non-credit-qualifying
The FHA streamline comes in two forms. Which one fits depends on your situation and lender requirements.
Non-credit-qualifying
The lender does not re-verify income or run a full credit re-underwrite. It reviews your mortgage payment history instead. This is the lightest version, but you keep the same borrowers on the loan and the use case is narrow.
Credit-qualifying
The lender verifies income and pulls credit, much like a standard refinance. This is required in certain cases, such as removing a borrower from the loan, and it can help when your finances need a closer look.
Mortgage insurance
What happens to MIP on an FHA streamline?
FHA loans carry mortgage insurance premium, or MIP, and a streamline refinance keeps you in the FHA system, so MIP continues on the new loan. There is an upfront MIP and an annual MIP, and the upfront portion may be partially refundable when you refinance soon enough after your original FHA closing, which can offset part of your new upfront cost. Because MIP rules and any refund depend on your original loan date and timing, we walk through exactly how your mortgage insurance carries over before you commit to anything.
Upfront MIP
A new upfront premium applies, but a refund of your prior upfront MIP may apply when timing lines up.
Annual MIP
An annual premium continues on the new FHA loan and is paid as part of your monthly amount.
Your timing
How long ago you closed your current FHA loan can change your refund and your overall result.
The honest test
The net tangible benefit rule
The FHA does not let you streamline just to churn a loan. You must clear a net tangible benefit test, meaning the refinance has to genuinely help you.
| Net tangible benefit | What it means for you | Required? |
|---|---|---|
| Lower combined payment | Your rate plus MIP results in a meaningful payment reduction | Yes |
| Move ARM to fixed | Switching from an adjustable rate to a fixed rate can qualify | Yes |
| Shorten the term | Reducing your term within limits can satisfy the test | Yes |
| Refinance with no real benefit | Not allowed under FHA streamline rules | No |
How it works
What does the FHA streamline process look like?
Four steps, and a human guides you through every one.
Confirm FHA eligibility
We verify you have an existing FHA loan and check your payment history and seasoning.
Pick your path
We choose credit-qualifying or non-credit-qualifying based on your goal and situation.
Shop wholesale
As a broker, we compare multiple wholesale lenders to find your fit, no credit pull to start.
Lock and close
Lock your terms, clear the net tangible benefit test, and close, often without leaving home.
Questions
FHA streamline refinance FAQ
Do I need an existing FHA loan to use an FHA streamline refinance?
Yes. The FHA streamline refinance is only for homeowners who already have an FHA-insured mortgage. It refinances one FHA loan into another, so a conventional, VA, or USDA loan does not qualify for this specific program.
What is the difference between credit-qualifying and non-credit-qualifying?
A non-credit-qualifying streamline relies on your mortgage payment history without re-verifying income or running a full credit re-underwrite. A credit-qualifying streamline verifies income and pulls credit, which is required in cases such as removing a borrower from the loan.
Will I still pay mortgage insurance after an FHA streamline?
Yes. Because you stay in the FHA system, MIP continues on the new loan, including upfront and annual premiums. Depending on your original loan timing, part of your prior upfront MIP may be refundable to offset the new upfront premium.
What is the net tangible benefit requirement?
The FHA requires the refinance to genuinely help you, such as a meaningful payment reduction, moving from an adjustable rate to a fixed rate, or shortening your term within program limits. We confirm you meet this test before moving forward.
Do I need a new appraisal for an FHA streamline?
In most cases an FHA streamline does not require a new appraisal, which is one reason the process is lighter and faster. We confirm what your specific lender and loan require before you spend a dollar.
Does getting started require a credit pull?
No. Getting your initial numbers from us does not require a credit pull. A formal application includes a credit check, and certain credit-qualifying streamlines require a full credit review.
Ready to lower the payment on your FHA loan?
Start your FHA streamline refinance online in minutes, or book a quick call. No credit pull to get your numbers.