The FHA refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly, sometimes without an appraisal.

Loan Rates

October 2, 2014
30 Year Fixed
3.95% Rate
4.25% APR
15 Year Fixed
3.0% Rate
3.29% APR

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.

FHA Streamline Refinance

Learn About Your Mortgage Options

Sending a child to college, consolidating bills, taking a much needed vacation, or making home improvements are some of the ways homeowners tap into the equity they have accumulated in their home to help with these expenses. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

FHA Refinancing With a Streamlined Loan

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back. This works well for people who are in good financial standing with no significant debt because it allows you a little extra money each month that can be put to good use elsewhere.

If you have a conventional loan you wish to refinance with an FHA refinance loan, you'll need to apply with the usual employment verification, credit check, debt ratio requirements and other considerations. An FHA refinance loan can get you many of the same results, and you may get better rates and lower payments.

FHA Loan Articles

Read About Mortgage News, FHA Updates, and Guidelines
FHA Streamline Refinancing: The Net Tangible Benefit

If you are looking to refinance an existing FHA mortgage with an FHA Streamline Loan, there are some details you should know when planning for the loan application.

How FHA Loans Differ From Conventional Mortgages

FHA loans differ from conventional loans starting with the most basic aspect of purchasing a home: the down payment. Down payment requirements for FHA home loans start with a minimum of 3.5%. Conventional mortgages require higher money up front.

FHA Loan Rules For Streamline Refinancing Loans

The FHA Streamline Refinancing loan program is designed for people with existing FHA mortgages. These refinancing loans are available in two different types; a non-credit qualifying streamline loan and the credit qualifying streamline refinance.

FHA Up Front Mortgage Insurance Premiums (UFMIP)

Borrowers who have an FHA home loan for a single-family property that was endorsed on or before May 31, 2009 are eligible for a lower rate on their Up Front Mortgage Insurance Premiums.

FHA Policy Changes on FHA Short Refinancing

Borrowers who are underwater on a home loan basically owe more on their home loans than the property is worth on the current housing market. Over the last few years, this has become a growing issue faced by more homeowners due to a troubled market.