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FHA Streamline Refinance

Min. Credit Score 640

Are you a current FHA borrower looking to reduce your monthly mortgage payment? The FHA Streamline Refinance program can help. With minimal paperwork requirements, this program is designed to make it easy for you to refinance your existing FHA loan.

Program features
  • Available to borrowers with existing FHA loans
  • No income is required
  • No appraisal documentation is required
  • No debt-to-income (DTI) calculation required
  • Permanently lowered monthly payments
Why choose our FHA Streamline Refinance?
  • Only 6 monthly payments required on an existing FHA loan
  • Reduced paperwork
  • Simple eligibility requirements
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Program details

At least 6 monthly payments on an existing FHA loan
Primary residence
No appraisal required for stick-built properties
No debt-to-income (DTI) verification
No income verification required
Limited cash-out refinance allowed
Gift funds are allowed
A perfect 3-month payment history required
Mortgage Insurance Premium (MIP) is required upfront and monthly for the life of the loan (or 11 years with 10% or more down)
At least 210 days since last refinance
Single-family, 2-4 unit, PUDs, condos, modular homes
30-year fixed terms
Ability to close in living trusts
Available to non-permanent residents
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FHA Streamline Refinance FAQ

What is the FHA Streamline Refinance program?

The FHA created the Streamlined Refinance program over 25 years ago to make it easy and fast for anyone with an FHA loan to lower their interest rates. They do this through a “streamlined” process that uses the already existing paperwork from your original loan as the basis of the process.

What are the basic requirements for an FHA Streamline Refinance?

Other than the fact that the original loan must be an FHA loan, the only significant requirement is that your mortgage payment must not have been more than 30 days late in the last 12 months.

As a borrower who has a lot of equity in my home, can I take some cash out at closing with the FHA Streamline Refinance program?

No, you are not allowed to take cash out with the FHA Streamline Refinance loan program.

Is a credit check required when applying for an FHA Streamline Refinance loan?

No, a credit check is not required. It is part of the streamlined process.

Is an appraisal required when applying for an FHA Streamline Refinance loan?

No, we do not require an appraisal for an FHA Streamline Refinance.

What are the income requirements for an FHA Streamline Refinance loan?

The FHA Streamline Refinance loan does not require proof of income such as W2s or tax returns. Most other types of loans require the lender to determine the borrower’s ability to afford the new monthly payments. The FHA Streamline Refinance eliminates this requirement.

Does the FHA Streamline Refinance eliminate Private Mortgage Insurance (PMI)?

The FHA Streamline Refinance does not eliminate Private Mortgage Insurance (PMI). PMI is the mortgage insurance purchased by the borrower for Conventional loan programs. Mortgage Insurance Premium (MIP) is the insurance the borrower purchases for FHA loans. MIP will not be waived during the life of an FHA loan.

What is the minimum credit score for an FHA Streamline Refinance loan?

FHA does not have a minimum credit score requirement since it does not require a credit report for an FHA Streamline Refinance loan. However, most lenders will require a credit report and a score of at least 640.

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#Yes to employed

Prime Jumbo

Min. Credit Score 680 Min. 20% Down Payment
  • Loan amounts up to $2.5 million
  • Debt-to-income (DTI) ratio up to 45%
  • No Mortgage Insurance MI required
  • Cash-out available

FHA Streamline Refinance

Min. Credit Score 640
  • At least 6 monthly payments on an existing FHA loan
  • Primary residence
  • No appraisal required for stick-built properties
  • No debt-to-income (DTI) verification