An FHA Streamline refinance lets FHA borrowers refinance into a new FHA loan with less paperwork, often no appraisal and no income verification. You must have made at least six payments, waited 210 days since closing, be current on your loan, and show a “net tangible benefit,” typically a meaningful drop in your combined rate and mortgage insurance.
Requirements
- An existing FHA loan, current, with a good recent payment history.
- Seasoning: at least 210 days since your closing and six monthly payments made.
- Net tangible benefit: usually a reduction of at least 0.5 percentage points in your combined interest rate and annual mortgage insurance for fixed-to-fixed loans, or moving from an ARM to a fixed rate.
- Limited cash back: no more than $500.
The advantages
- Often no appraisal, so it can work even if your home’s value has dropped.
- Lenders may not need to re-verify income in the “non-credit qualifying” version.
- A partial refund of your upfront mortgage insurance premium if you refinance within three years, applied to the new loan.
The trade-offs
- You stay in FHA, so annual mortgage insurance continues; with about 20% equity, a conventional refinance may remove it instead; see how to remove PMI.
- Closing costs still apply, though they can sometimes be covered by a slightly higher rate.
Compare your options
Get quotes for both an FHA Streamline and a conventional refinance, then compare with compare mortgage offers. See when to refinance.
Common questions
Does an FHA Streamline need an appraisal?
Usually not.
How soon can I do an FHA Streamline?
After at least 210 days and six monthly payments on your current FHA loan.
Does an FHA Streamline remove mortgage insurance?
No; you stay in FHA. A conventional refinance with about 20% equity can remove it.
Updated October 2026. Educational content. OfferBacked is not currently a lender and doesn’t issue pre-approvals or loans.