FHA Streamline Refinance
FHA Streamline Refinance Rates - No Appraisal in Most Cases
If you have an existing FHA loan, the Streamline Refinance is the easiest way to drop into a lower rate. No appraisal, no income verification, fast close. See live FHA Streamline pricing below.
FHA Loan Facts
- Down payment as low as 3.5% with 580+ credit score
- Down payment assistance programs available to fully cover the 3.5% down payment
- Credit scores 500-579 require 10% down payment
- Upfront Mortgage Insurance Premium (UFMIP) of 1.75% - can be financed into the loan
- Annual MIP of 0.55% for most loans - required for the life of the loan with less than 10% down
- Maximum DTI up to 57% with compensating factors
- Primary residence only - properties up to 4 units eligible
- FHA 203(k) renovation loans available for fixer-uppers
Streamline vs Regular FHA Refi
| Factor | FHA Streamline | Regular FHA refi |
|---|---|---|
| Appraisal | Not required (most cases) | Required |
| Income verification | Not required (non-credit qualifying) | Required |
| UFMIP refund | Yes (if within 36 months) | No |
| Cash-out | Not allowed | Up to 80% LTV |
| Typical close | 14-21 days | 30-45 days |
Frequently Asked Questions
What is an FHA Streamline Refinance?+
An FHA Streamline Refinance is a simplified refinance for borrowers with an existing FHA loan. No appraisal in most cases, no income verification, minimal credit underwriting. Designed to make it easy for FHA borrowers to drop into a lower rate.
Who qualifies for an FHA Streamline?+
You must have an existing FHA loan, be current on payments (no 30-day lates in the last 6 months, no more than one late in 12 months), and the refinance must produce a "net tangible benefit" - typically a measurable rate or MI reduction.
Is an appraisal required on an FHA Streamline?+
Not required in most cases. The "non-credit qualifying" streamline uses the original purchase price as the property value, so the appraisal is skipped. The "credit qualifying" version may require one.
What is the MIP refund on an FHA Streamline?+
If you streamline within 36 months of your original FHA loan, you receive a partial refund of the original UFMIP, typically applied to reduce the new UFMIP. The refund schedule is on a declining curve - the earlier you refinance, the bigger the refund.
How fast does an FHA Streamline close?+
Typically 14-21 days. Without appraisal and income verification, the timeline collapses to title work + final underwriting + closing schedule.
Is the $2,000 Best Price Guarantee available on FHA Streamlines?+
Yes - on qualifying FHA Streamlines of $200,000+ that meet the program rules. The Loan Factory $2,000 Best Price Guarantee covers FHA refinances.
Start your FHA Streamline
Fast close, minimal paperwork, $0 origination, $2,000 guarantee on qualifying loans.
Start my applicationFHA purchase rates
3.5% down, 580+ FICO
VA IRRRL
VA equivalent of the FHA streamline
All refi options
Conv, FHA, VA refinance