FHA Streamline Refinance: Requirements for 2025
If you currently have an FHA mortgage and lack enough equity to refinance into a conventional loan, the FHA Streamline Refinance is one of the easiest ways to lower your interest rate and monthly payment.
The FHA Streamline allows you to refinance your current loan to the market rate with minimal paperwork. Lenders don’t need to verify your income, and no home appraisal is required. Because of this, FHA Streamline loans close faster than other refinance options and typically come with low closing costs.
What is a FHA Streamline Refinance Loan?
The FHA Streamline Refinance is a special government-backed refinance program designed for homeowners with existing FHA mortgages. It simplifies the process of lowering your interest rate and monthly payment without the need for a full refinance application.
FHA Streamline Benefits
- Low Refinance Rates: FHA loan rates are often lower than conventional loan rates, helping you save more.
- Lower MIP Rates: If your FHA loan originated between 2010 and 2015, you could benefit from today’s lower annual mortgage insurance premiums (MIP).
- MIP Refund: You may be eligible for a refund of up to 68% of your prepaid mortgage insurance as a discount on the new loan.
- No Appraisal Needed: You can refinance even if your home is underwater.
- No Job or Income Verification: As long as you’re current on your mortgage, you can refinance even if you’ve recently lost your job.
- Low Credit Score Requirement: FHA Streamline loans are available to borrowers with credit scores as low as 580
If you currently have an FHA loan and would like to know if you qualify for a lower interest rate please contact one of our FHA loan experts: (833) 394-7855