Do I need an appraisal for FHA Streamline?

No! FHA Streamline Refinance does not require an appraisal. This saves $400-$800 and speeds up the process. Your current loan balance becomes the new loan amount.

How long do I have to wait to do FHA Streamline?

You must wait 210 days from closing your original FHA loan AND make 6 monthly payments. Both requirements must be met before you can refinance.

Can I get cash out with FHA Streamline?

No, FHA Streamline is a rate-and-term refinance only. No cash out allowed. You can only refinance your existing FHA loan balance plus closing costs. For cash out, use FHA Cash-Out Refinance instead.

FHA Streamline Refinance 2025: Close in 30 Days (No Appraisal, Save $400+)

Q: What is FHA Streamline Refinance?

FHA Streamline Refinance is a simplified refinance program for existing FHA borrowers. No appraisal, no income verification, no credit check (with credit qualifying option). Must show net tangible benefit (lower payment or rate).

🎯 Quick Answer

FHA Streamline Refinance requirements 2025: Current FHA loan, 210 days + 6 payments seasoning, on-time payment history (last 12 months), net tangible benefit (lower rate/payment). No appraisal, no income docs, no credit check (non-credit qualifying). Close in 30 days.

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FHA Streamline Refinance Requirements

FHA Streamline is the easiest refinance program available. Compare FHA Streamline lenders.

Eligibility Requirements

✅ Must Have

✅ Current FHA loan - Must be refinancing an existing FHA mortgage
✅ 210 days seasoning - From original FHA loan closing
✅ 6 payments made - On current FHA loan
✅ On-time payments - No 30-day lates in last 12 months
✅ Net tangible benefit - Lower rate OR lower payment
✅ Owner-occupied - Primary residence only

Net Tangible Benefit Rules

Current Loan Type	Required Benefit
Fixed to Fixed	0.5% rate reduction OR lower payment
ARM to Fixed	Any rate (converts to stability)
ARM to ARM	2% rate reduction OR lower payment

Credit Qualifying vs Non-Credit Qualifying

Non-Credit Qualifying

✅ No credit check
✅ No income verification
✅ No employment verification
✅ Fastest process (20-30 days)
⚠️ Cannot add/remove borrowers

Credit Qualifying

✅ Can add/remove borrowers
✅ Can skip 1+ mortgage payments
⚠️ Requires credit check
⚠️ Requires income verification
⚠️ Longer process (30-45 days)

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FHA Streamline Benefits

✅ No Appraisal Required

Saves $400-$800 and eliminates appraisal risk. Your home value doesn't matter - even if underwater, you can still refinance.

✅ No Income Verification (Non-Credit)

No pay stubs, no tax returns, no W-2s. Perfect for self-employed, retired, or those with income changes.

✅ Fast Closing (20-30 Days)

Fastest refinance program available. Most borrowers close in 30 days or less.

✅ Lower MIP (Sometimes)

If your original FHA loan closed before June 3, 2013, you can eliminate MIP after 78% LTV. Loans after that date have MIP for life (unless you put 10%+ down originally).

FHA Streamline Timeline

📅 Typical Timeline

Day 1-3: Application & initial disclosures
Day 4-7: Processing & title work
Day 8-14: Underwriting review
Day 15-20: Clear to close
Day 21-30: Closing

Documents Needed

Non-Credit Qualifying

📄 Photo ID - Driver's license or passport
📄 Current mortgage statement - Last 2 months
📄 Homeowners insurance - Current policy

Credit Qualifying

📄 All non-credit docs - Plus:
📄 Pay stubs - Last 30 days
📄 W-2s - Last 2 years
📄 Bank statements - Last 2 months

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Frequently Asked Questions

What is FHA Streamline Refinance?

FHA Streamline is a simplified refinance for existing FHA borrowers. No appraisal, no income verification, no credit check (non-credit option). Must show net tangible benefit.