No appraisal. No income documentation. See how much you could save in under a minute, with no credit pull.
Three steps: see if you qualify for an FHA Streamline, calculate your maximum new loan amount and MIP refund, then see your new payment and savings. No credit pull.
Answer from your latest mortgage statement. Rental and second-home FHA loans can still streamline.
On an FHA Streamline, your new loan is based on what you owe now, not on an appraisal. Closing costs cannot be added to the loan.
We will carry your numbers into the savings calculator below. Just add your current rate, payment and a new rate.
Estimates only, not a loan approval or commitment to lend. FHA Streamline rules: at least 210 days since closing and 6 payments made, a clean recent payment history, and a net tangible benefit (usually a 0.5% drop in rate plus mortgage insurance). Dan Frio | NMLS #246527 | PBT Bancorp | NMLS #257781.
| Feature | Streamline | Full refinance |
|---|---|---|
| Appraisal | No | Yes |
| Income documentation | No | Yes |
| Cash out | Up to $500 | Up to 80% of value |
| Closing costs in the loan | No | Yes |
| Drop mortgage insurance | No | Yes, with a conventional refi and 20% equity |
Want cash out or to drop mortgage insurance? Compare a full FHA refinance first.
It depends on how far rates have dropped since you closed. Enter your current payment and a new rate in the calculator above to see your monthly and yearly savings.
FHA requires the refinance to help you. Fixed rate to fixed rate, your combined rate (interest rate plus annual mortgage insurance) must drop at least 0.5%. Fixed to ARM needs a 2% drop. A shorter term also counts if your payment rises no more than $50.
At least 210 days after your current loan closed, with at least 6 monthly payments made and no late payments in the last 6 months.
If your FHA loan closed within the last 36 months, part of your upfront mortgage insurance is credited to the new loan: about 68% at month 7, falling to about 10% at month 36. We confirm your exact figure.
No. Closing costs are paid at closing or covered by a lender credit in exchange for a slightly higher rate. Ask for both options so you can compare.
Rates change daily. See today's mortgage rates, or join Rate Watch FREE and we will alert you when a Streamline saves you money.
Already have a quote from another lender? Get a free Loan Estimate review.
