Refinance
Streamline refinance for FHA and VA loans
If you already have an FHA or VA loan, a streamline refinance can be a faster, simpler way to lower your rate or payment, often with less paperwork.
Who it fits
Homeowners with an existing FHA loan (FHA Streamline) or an existing VA loan (VA IRRRL), who are current on their payments.
How they are similar
Both refinance an existing government loan into a new loan of the same type, usually with less paperwork than a standard refinance, often without a new appraisal, and with no cash out.
How they are different
An FHA Streamline is for FHA loans and keeps FHA mortgage insurance. A VA IRRRL is for VA loans; there is no monthly mortgage insurance, and a reduced funding fee usually applies.
| Feature | FHA Streamline | VA IRRRL |
|---|---|---|
| Your current loan | FHA | VA |
| New loan | FHA | VA |
| Appraisal | Often not required | Often not required |
| Income check | Often limited | Often limited |
| Ongoing cost | FHA mortgage insurance continues | No monthly mortgage insurance; a reduced funding fee usually applies |
| Cash out | No | No |
When a streamline isn't the right move
- You want cash out
Streamlines don't allow it. Look at a cash-out refinance instead.
- You want to drop FHA mortgage insurance
An FHA Streamline keeps it. Refinancing into a conventional loan may remove it if you have enough equity. See rate-and-term refinance.
- The savings are too small
If the benefit doesn't cover the costs in a reasonable time, we'll tell you.
Key points
- Reduced documentation compared with a standard refinance.
- Often no new appraisal and fewer income checks.
- The new loan must provide a clear benefit, such as a lower payment or a more stable rate.
- Fees and mortgage insurance or funding fees still apply.
How it works
We confirm your existing loan qualifies, check that the refinance benefits you, and handle the paperwork.
What "clear benefit" means
Both programs require the new loan to leave you better off. In plain terms, that usually means a lower rate and payment, or moving from an adjustable rate to a fixed one. For a VA IRRRL, the savings also need to cover the costs of the refinance within a set time. We check this before you apply, so you don't pay for a refinance that doesn't help.
Timing and payment history
You can't streamline right after you close. Both programs require a minimum number of payments and a minimum amount of time since your last closing, and your recent payment history needs to be on time. We'll look at your mortgage statement and tell you when you're eligible.
What you still pay
A streamline is simpler, not free. There are still closing costs, which can often be added to the new loan. FHA loans keep their mortgage insurance. VA IRRRLs usually carry a reduced funding fee, and veterans who are exempt from the funding fee stay exempt. For every refinance option, visit the refinance hub.
Related programs
FAQ
Do I need a new appraisal?
Often not. We confirm for your loan.
Can I streamline my loan if I am behind on payments?
Usually not. Tell us your situation and we will review it.
Do I need to live in the home?
For an FHA Streamline, the home generally needs to be your primary residence. A VA IRRRL can be used on a home you lived in before, even if you have since moved.
Can I add or remove someone from the loan?
Sometimes, but it can change what documents are needed. Tell us who will be on the new loan.
How long does a streamline take?
Usually less time than a full refinance because there is less to verify.
Do I have to use my current lender?
No. You can streamline with any lender that offers the program.
Check if you qualify to streamline.
Twenty minutes. Clear options. No commitment required.