FHA Streamline Refinance Program

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Overview

If you’re a homeowner with an FHA loan, a streamline refinance is an easy way to take advantage of lower interest rates. The streamline program lets you replace your current FHA loan with a new FHA loan that has a better rate. It features less paperwork and faster closing too. You can get approved for FHA refinancing at Freedom Mortgage with easy credit qualifications.

Use our helpful mortgage refinance calculator to estimate how much you might save with a lower interest rate. By refinancing, the total finance charges you pay may be higher over the life of the loan.

Inside Mortgage Finance named us the #1 FHA lender in the nation for 2020.

Lower rates

Better terms

Less paperwork

Faster closings

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How much can you save?

Find out how much you might save by refinancing your home to a lower rate. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!

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original loan amount

term (years)

years paid

Loan Term in Years

Origination Charge

Ballon Payment

Home Value

Years in Home Before Sale

Property Tax

Homeowners Insurance

current interest rate

new interest rate

closing costs

This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

Refinancing might save you
$ a month

Talk to us about FHA streamline refinance rates

The FHA rate we offer you may be higher or lower than rates you see advertised online. Current market conditions, your income and personal credit, and the amount borrowed may have an impact on the rate you receive. Ask us today about the competitive FHA streamline refinance rate you might get from Freedom Mortgage.

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Is FHA streamline refinancing right for you?

Our friendly loan advisors are available to help you decide if an FHA streamline refinance makes sense for you. Freedom Mortgage also offers conventional, VA, and USDA refinance loans. Take a look at our loan comparison below to learn more.

FHA Streamline Refinances

Only FHA loans are eligible
Application requires less paperwork
Easy credit qualification
Mortgage insurance required
Closing takes less than 30 days

Conventional Refinances

All loans are eligible
Application requires more paperwork
Mortgage insurance required with home equity less than 20%
Closing takes more than 30 days

Learn more

VA IRRRL (Streamline) Refinances

Only VA loans are eligible
Application requires less paperwork
Easy credit qualification
Mortgage insurance not required
Closing takes less than 30 days

Learn more

USDA Streamline Refinances

Only USDA loans are eligible
Application requires less paperwork
Mortgage insurance required
Closing takes less than 30 days

Learn more

Looking for more detail?

Our full loan comparison table can help you decide.

Go now

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FHA streamline refinance fees and requirements

Streamline refinancing guidelines are set by U.S. Department of Housing and Urban Development (HUD) and can be easier to meet than those for conventional mortgage refinances. Here’s what you’ll need to know if you’re considering an FHA streamline refinance.

Documentation

FHA streamline refinancing is sometimes called a “low-doc” refinance because it requires less paperwork than other types of mortgages. You won’t need to get a home appraisal or provide documentation for income verification or credit.

Easy credit check

We will probably check your credit score before we approve your refinance. FHA streamline refinancing at Freedom Mortgage comes with easy credit qualifications.

Up-front mortgage insurance premium (UFMIP)

Most newer FHA homeowners will pay a one-time UFMIP of 1.75% of the loan amount at closing. HUD rules do not allow you to add this cost to your loan amount. You have to pay it at closing. Some lenders may pay the UFMIP on FHA streamline refinances in return for charging a higher interest rate.

Annual mortgage insurance premium

You’ll also need to pay annual mortgage insurance premiums (MIP) which cost between 0.45% and 1.05% of the loan amount for most newer FHA homebuyers. MIP can be included in your monthly mortgage payment.Learn more

Average closing costs

The closing costs for FHA streamline refinancing are usually between 2% and 5% of the loan amount according to the Mortgage Reports website. FHA closing costs can include lender fees, discount points, and more.Learn more

Loan disclosures and closing

After submitting your FHA streamline application, you will need to review and sign loan disclosures and attend the closing for your new loan. Freedom Mortgage can often close an FHA streamline refinance in 30 days or less.Learn more

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Frequently Asked Questions

FHA streamline refinance benefits

Lower rates
A lower rate can help reduce your monthly payment or save money in interest over the life of the loan. Use our refinance calculator to help estimate your potential savings.
Better terms
These terms can include shortening the life of the loan or switching to a fixed-rate mortgage.
No home appraisal
You won’t need a new appraisal to estimate the current value of your home, saving you time and the appraisal fee.
No income verification
You won’t need to send us documentation of your current income.
Fewer limits
There are no income limits and no maximum loan-to-value ratios.
Faster closing
The reduced requirements of FHA streamlines cut down on the time it takes to refinance, so you’ll experience a quick and easy closing.

FHA streamline refinance requirements

You currently have an FHA loan.
To be eligible for streamline refinancing, you need to replace an existing FHA loan with a new FHA loan.
You meet “seasoning” requirements.
This means at least six months have passed since your first payment due on your current FHA loan and at least 210 days have passed since the closing date.
Mortgage payments have been paid on time.
You need to have made your last six mortgage payments on time to be eligible for streamline refinancing.
There’s a financial benefit to refinancing.
HUD rules require that you receive a net tangible benefit from FHA streamline refinancing. This benefit usually requires a reduction in your rate and/or term.
You're taking little or no cash out.
You can’t take more than $500 from your mortgage with a streamline refinance.

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The Freedom Mortgage Difference

Freedom Mortgage has grown to be the 6th largest mortgage lender in the US. With 30 years of experience helping customers achieve and maintain the dream of homeownership, we are proud today to be the nation’s #1 VA and FHA lender.

Beyond originating loans, we also service mortgages for 1.25+ million customers. Our outstanding service includes our Eagle Eye Pledge, to alert customers to opportunities for lower rates and monthly payments. We are dedicated to meeting our customer’s needs for the life of their loan.