Streamline Refinance
Streamline Refinance Program A Streamline Refinance is a simplified refinancing option designed for homeowners who already have a government-backed mortgage and want to lower their monthly payment or interest rate with minimal documentation and fewer requirements. This program is commonly available for FHA and VA loans. The goal of a streamline refinance is to make refinancing faster, easier, and more cost-effective.
Who Is a Streamline Refinance For?You may qualify for a streamline refinance if you:Currently have an FHA or VA loanWant to lower your interest rate or monthly paymentHave a good payment history on your existing mortgagePrefer limited documentation and faster processingAre refinancing for a net tangible benefit
Key Features
No income verification (in most cases). No appraisal required (program dependent). Reduced documentation. Faster closing timeline. Available for rate-and-term refinances only
FHA vs VA Streamline FHA Streamline Refinance For borrowers with an existing FHA loan. May be completed with limited credit and income review. Mortgage insurance requirements apply. VA Interest Rate Reduction Refinance Loan (IRRRL)For borrowers with an existing VA loan. No mortgage insurance. Minimal documentation. Often no appraisal required
Important to Know
Streamline refinances: Do not allow cash-out. Must show a net tangible benefit. Have specific seasoning and payment history requirements. Rates and terms depend on lender and market conditions
