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Buy
Apply Now
Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
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About
FHA Streamline
<p class="MsoNormal">A 30-year fixed-rate FHA loan is a traditional choice with the added bonus of less stringent requirements.</p>
Benefits
Reduced Monthly Payment
Quickly lower your monthly mortgage payment while securing a lower interest rate.
No Appraisal Required
In most cases, you can refinance without the need for a new appraisal of your home.
Simplified Process
Enjoy a streamlined approval process with less paperwork and faster closing times.
Refinance with Underwater Mortgage
You can still qualify even if you owe more on your home than it's currently worth.
FHA Streamline Refinance Information
<p>The FHA Streamline Refinance is a way for homeowners with an existing FHA loan to reduce their interest rate and monthly payments. To better understand how this refinance option can benefit you, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
Types of FHA Streamline Refinance
<ul><li><strong>Credit Qualifying:</strong> Requires income documentation, credit check, and DTI calculation.</li><li><strong>Non-Credit Qualifying:</strong> Doesn't require income verification, simplifying the approval process.</li></ul>
Requirements for FHA Streamline Refinancing
<ul><li>Must have an existing FHA-insured home loan</li><li>Must result in a net tangible benefit (e.g., lower monthly payment)</li><li>Must have made at least 6 payments on your current FHA mortgage</li><li>At least 210 days must have passed since the closing of your current mortgage</li><li>No late payments over 30 days in the last 6 months</li><li>No more than one late payment over 30 days in the last 12 months</li></ul>
Required Documents
<p>Depending on the type of refinance, you may need to provide:</p><ul><li>Most recent mortgage statement</li><li>Current FHA mortgage note</li><li>Final settlement statement or deed of trust</li><li>Homeowner's insurance information</li><li>Employment verification</li><li>Recent bank statements</li></ul>
Pros and Cons of FHA Streamline Refinance
<p>Understanding the advantages and disadvantages of an FHA Streamline Refinance can help you make an informed decision.</p>
Pros
<ul><li>Reduced monthly payment</li><li>No appraisal required in most cases</li><li>Can refinance with an underwater mortgage</li><li>No income or credit check required for non-credit qualifying refinance</li><li>Faster loan closing process</li></ul>
Cons
<ul><li>Closing costs apply (cannot be added to the new loan)</li><li>Limited cash back ($500 maximum)</li><li>Mortgage insurance still required</li><li>Only available for existing FHA loans</li></ul>