Refinance
FHA and VA streamline loans
The fastest refinance in the business, for the borrowers who qualify.
What a FHA and VA streamline loan actually is
FHA calls it a Streamline; VA calls it an Interest Rate Reduction Refinance Loan. Both do the same thing: refinance an existing government loan into a lower rate with dramatically reduced documentation. In the standard case there is no appraisal, no income verification and no asset verification, because the agency already carries the risk and only wants the payment to go down.
The tests are mechanical. Both require 210 days since the first payment due date and at least six payments made. FHA requires a net tangible benefit, generally a combined rate and MIP reduction of at least 0.50%. VA requires the recoupment period on closing costs to be 36 months or fewer, which is the strictest recoupment rule in American mortgage lending and exists to stop serial refinancing of veterans.
Best suited to
- Existing FHA borrowers whose rate is meaningfully above current pricing
- Veterans with an existing VA loan wanting a lower rate without a new appraisal
- Owners whose property value has not kept pace and who would fail a full refinance
- Anyone who wants a refinance finished in under three weeks
What comes with the loan
- Eligibility check against seasoning, payment history and the benefit test in one call
- FHA upfront MIP refund calculation, which reduces the new upfront premium on a timely refinance
- VA recoupment worksheet showing every cost and the exact month of recovery
- Comparison against a full conventional refinance where it would end mortgage insurance permanently
- Mobile notary closing at your home or office at no extra charge
- Median 18 calendar days from application to funding on our streamline files (sample figure)
How a file moves
- 01
Three-minute eligibility check
Seasoning, payment history and benefit test. If any fails we tell you the date it will pass.
- 02
Application
Short form. Credit is pulled on a credit-qualifying streamline; the non-credit-qualifying version skips it entirely.
- 03
No appraisal
The existing agency value carries forward. This is the step that removes $625 and about nine days from the timeline.
- 04
Underwriting
Mostly a compliance review: benefit test, recoupment, mortgage history. Conditions are rare and specific.
- 05
Closing
Mobile notary at your home. Three business day rescission still applies on a primary residence.
Why borrowers choose it
No appraisal
Value is not re-established, so a soft local market does not block the refinance.
No income documents
On non-credit-qualifying FHA and standard VA IRRRL, employment and income verification is not required.
Upfront MIP refund
Refinancing an FHA loan within 36 months returns part of the original upfront premium against the new one.
Fast
Median 18 calendar days application to funding on our streamline files.
What to watch out for
- A streamline keeps you on FHA, which means keeping FHA mortgage insurance. It is not a route off MIP.
- VA's 36-month recoupment test will simply block a refinance where the costs are too high for the saving.
- Cash back is capped at $500. This is not an equity access product.
FHA and VA streamline questions we get asked
Still unclear? Call (215) 555-0145 and ask for the originator covering your county.
All questionsIn the standard case, yes. FHA Streamline and VA IRRRL both allow the existing value to carry forward, which is what makes them fast and cheap. A credit-qualifying streamline may still require one in specific circumstances, such as adding or removing a borrower.
No. You remain on an FHA loan with FHA mortgage insurance. If ending MIP is the goal and you have reached 80% loan-to-value, the correct product is a conventional rate and term refinance with a full appraisal.
Every dollar of fees and closing costs must be recovered by the monthly payment reduction within 36 months. If your costs are $4,200 and the saving is $95 a month, recoupment is 44 months and the loan cannot be made. It protects veterans from repeated marginal refinances.
Up to $500, which in practice covers minor escrow reconciliation rather than any real distribution. If you need equity, look at a cash-out refinance, a HELOC or a fixed second lien instead.
Programs worth comparing
Rate and term refinance
Lower the rate, shorten the term, or drop mortgage insurance
FHA
3.5% down from a 580 score, 10% down from 500
VA
Zero down, no monthly mortgage insurance, residual income test
Find out if FHA and VA streamline fits
Fifteen minutes, a soft credit pull, and a straight answer about which program actually suits your file.
No application fee. Soft credit pull at pre-qualification. Flat $1,095 origination at closing.