Government — FHA Refi
FHA Streamline Refinance
Reduced-documentation refinance of an existing FHA loan — no appraisal or full income docs required in most cases. Must demonstrate Tangible Net Benefit per HUD's qualifying tests.
Available throughout Southern California through Francisco Williams, CCIM, NMLS #1858674.
Ideal borrower
Existing FHA borrowers who can demonstrate a Tangible Net Benefit — most commonly a rate or payment reduction, but also includes moving from ARM to fixed, shortening the term, or a structural improvement to the loan.
Program highlights
- No appraisal required
- No income verification required
- Must demonstrate Tangible Net Benefit per HUD (one or more of: rate reduction, payment reduction, ARM-to-fixed conversion, term reduction, or other qualifying structural improvement)
- UFMIP refund if refinanced within 3 years of original FHA close
Typical uses
- Rate reduction on existing FHA
- Payment reduction
- ARM-to-fixed conversion
- Shortening the loan term (e.g., 30-year to 15-year)
- Other HUD-qualifying Tangible Net Benefit
Frequently asked questions
- What is Tangible Net Benefit on an FHA Streamline?
- HUD requires every Streamline to deliver at least one measurable benefit to the borrower beyond the closing costs paid. The five qualifying paths are: (1) reduced combined principal + interest + MIP payment, (2) reduced interest rate, (3) conversion from an adjustable-rate mortgage to a fixed-rate mortgage, (4) reduction in loan term, or (5) other HUD-recognized structural improvement. Payment reduction is the most common — but it's not the only valid reason to streamline. We'll run all five tests against your scenario.
- How quickly can an FHA Streamline close?
- Without an appraisal and with limited income docs, most FHA Streamlines close in 2-3 weeks once title is ordered. Faster than any conventional refi.
- How fast does an FHA Streamline refinance close?
- Typical FHA Streamline closes run 14–21 days because no appraisal is required in most cases and no income documentation is needed. The fastest we've closed is 10 days on a clean file with current MIP data on hand.
- Do we need to requalify for our FHA Streamline?
- No traditional requalification is required — no income verification, no DTI recalculation, no VOE. The streamline requires only that you show net tangible benefit (typically a 0.5% rate reduction or a material payment drop) and that your current FHA loan is in good standing (no 30+ day lates in the past 6 months).
- Can we pull cash out on an FHA Streamline?
- No. Streamline refis are rate-reduction-only. For cash-out from FHA, you use the FHA standard cash-out refi, which requires full underwriting and appraisal.
Program details shown are representative guidelines and subject to individual lender overlays and CFPB / agency requirements. Rates shown are illustrative and subject to change without notice. Actual rate, APR, and terms will depend on creditworthiness, loan-to-value, property type, occupancy, loan amount, loan program, and other factors. Not all applicants will qualify.