Refinance
Already FHA or VA? Refinance with less paperwork.
If you have an FHA or VA loan, a streamline refinance may lower your rate with limited documentation and, typically, no appraisal.
- Appraisal
- Typically not required
- Seasoning
- 210 days + 6 payments
- Cash out
- None
- VA IRRRL funding fee
- 0.5%
Two programs, one idea
A streamline refinance lets you refinance a government-backed loan into the same type of loan, with less paperwork than a full refinance.
- FHA Streamline: refinances an existing FHA loan into a new FHA loan.
- VA IRRRL (Interest Rate Reduction Refinance Loan): refinances an existing VA loan into a new VA loan.
Neither program is built for taking cash out, beyond small adjustments at closing. If you need cash, look at a cash-out refinance instead.
What makes them simpler
- Typically no appraisal. Your home's current value generally does not limit you, which helps if prices have softened.
- Limited documentation. Program rules may not require full income verification, although many lenders still review credit and employment.
- Flexible closing costs. They can often be rolled into the loan or covered through lender credits.
Individual lenders can add their own requirements, called overlays. Part of our job is knowing which lenders keep the process truly streamlined.
The rules that apply
- Seasoning: generally at least 210 days since your current loan closed or its first payment was due, with at least six monthly payments made.
- Payment history: your loan must be current, with limited or no recent late payments.
- Net tangible benefit: the new loan must help you, for example with a lower combined rate or a move from adjustable to fixed.
- VA recoupment: on an IRRRL, the costs of the refinance generally must be recovered through monthly savings within 36 months.
Costs to know
FHA Streamline loans still carry upfront and annual mortgage insurance (MIP). If you refinance within three years of your current FHA loan, you may receive a partial refund of your original upfront MIP, applied toward the new one.
The VA IRRRL funding fee is generally 0.5% of the loan amount. Veterans receiving compensation for a service-connected disability are generally exempt.
Streamlines are a natural fit for rate monitoring. Tell us your current loan and your target, and we will call you when a streamline makes sense. Then it is the same process as always: a short call, a few hours comparing lenders, and a clear presentation with your break-even.
Run your numbers in our refinance break-even calculator or request a quote.
Reel Mortgage Solutions, LLC is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
Questions we hear
Do I need an appraisal for a streamline refinance?
Typically not. FHA and VA streamline refinances generally do not require an appraisal, though some lenders may order one depending on the file. That can make a streamline useful if your home value has dropped.
Can I take cash out with an FHA Streamline or VA IRRRL?
No. These programs are designed to lower your rate or improve your loan terms, not to pull equity. Small amounts at closing may be allowed under program rules. For cash, a cash-out refinance is the right path.
Can I use a streamline to move from FHA to VA or conventional?
No. A streamline must stay within the same program: FHA to FHA, or VA to VA. Moving from FHA to VA or to conventional requires a full refinance, which we can compare for you.
Do I still need to live in the home?
For a VA IRRRL, you generally need to certify that you previously lived in the home, even if you no longer do. FHA Streamline occupancy rules depend on how the loan is underwritten. We confirm the requirements for your situation.
How soon can I do a streamline refinance?
Generally after at least 210 days and six on-time payments on your current FHA or VA loan. The exact date calculation differs slightly between FHA and VA, so we can tell you your earliest eligible date.
Related programs
Thirty minutes. Your goals. Real options.
Start with a goal consultation. No credit pull, no obligation. We come back with the strongest structures on the market for your situation.