FHA streamline — no appraisal, no income docs.
Already have an FHA loan? Streamline lets you refinance to a better rate with minimal paperwork and a fast close.
How it works
- You must have an existing FHA loan in good standing
- No appraisal required — FHA uses the original appraised value
- No income or employment verification on the non-credit-qualifying option
- Must show a net tangible benefit (lower rate, lower payment, or ARM → fixed)
- No cash out allowed beyond minor incidentals
- New upfront and annual MIP apply (often offset by refund of original upfront MIP)
Requirements
- Existing FHA loan
- At least 6 monthly payments made on the current loan
- 210+ days since your original FHA closing
- No 30-day lates in the past 12 months (1 allowed in months 6–12)
Pros & cons
Pros
- No appraisal — works even if value has dropped
- Minimal paperwork — non-credit-qualifying option skips income docs
- Fast close, often in 14–21 days
- Partial refund of original upfront MIP if refi within 36 months
Cons
- Only available to existing FHA borrowers
- No cash out — must use rate-and-term or cash-out for equity access
- Still pays new MIP
- Closing costs can't usually be rolled in on the non-credit version
Who it's best for
- Existing FHA borrowers when rates have dropped 0.5%+
- FHA borrowers whose home value dropped (no appraisal needed)
- ARM holders wanting to lock a fixed rate
- Anyone who wants the cleanest, fastest possible refi
FAQs
Do I need an appraisal for FHA streamline?+
No. The FHA Streamline program waives the appraisal entirely — the FHA uses the original appraised value to calculate your new loan. That's one of the program's biggest advantages: it works even if your home's value has dropped since you bought it.
What is net tangible benefit?+
Net tangible benefit (NTB) is the FHA's rule that your streamline refi must produce a meaningful improvement — typically a lower combined rate + MIP, a lower monthly payment, or moving from an ARM to a fixed rate. If the refi doesn't meet the NTB test, the FHA won't insure it.
Can I roll closing costs in?+
Yes, with limits. You can finance most closing costs into the new loan, and a credit-qualifying streamline lets you bring in more. The non-credit-qualifying streamline has tighter rules on what can be financed, so we'll quote both.
How fast can it close?+
FHA streamlines typically close in 14–21 days because there's no appraisal, no income verification (on the non-credit-qualifying version), and minimal underwriting. It's one of the fastest refinances available.
Is there a new upfront MIP?+
Yes — every FHA refi (including streamline) collects a new 1.75% upfront MIP. The good news: you receive a refund of the unused portion of your original upfront MIP if you refinance within 36 months, and that refund offsets most of the new charge.
Get a real refinance quote
Soft credit pull, no obligation — usually same day.