What Is an FHA Streamline Refinance?

If you have an existing FHA loan, you may be able to reduce your monthly mortgage payments quickly and easily with an FHA Streamline Refinance. At ALCOVA Mortgage, we help homeowners take advantage of this program to lower their interest rate and save money—without the hassle of a full refinance.

What Is an FHA Streamline Refinance?

An FHA Streamline Refinance is a simplified refinancing option backed by the Federal Housing Administration (FHA) that’s available exclusively to borrowers who already have an FHA-insured mortgage. The key benefit? Less paperwork, faster processing, and no need for a new appraisal in many cases.

This type of refinance is designed to help FHA homeowners secure better loan terms—usually a lower interest rate or switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.

Benefits of an FHA Streamline Refinance

• No Appraisal Required: You can refinance without a new home appraisal in most cases, which saves time and money.
• No Income Verification Required: If you meet the eligibility criteria, income documentation may not be necessary.
• Faster Approval: Because of the reduced documentation, FHA streamline refinances are often quicker to close.
• Lower Monthly Payments: If interest rates have dropped, refinancing could reduce your monthly payment.

Who Is Eligible?

To qualify for this type of restructure through ALCOVA Mortgage, you must:

• Already have an existing FHA loan
• Be current on your mortgage with no more than one late payment in the last 12 months
• Demonstrate a “net tangible benefit,” such as a lower interest rate or monthly payment
• Wait at least 210 days since your last FHA loan closing and have made at least six payments

Are There Any Drawbacks?

While the process is simplified, there are a few things to consider:

• No Cash-Out Option: You cannot take out equity with an FHA Streamline Refinance.
• Mortgage Insurance Premium (MIP): You’ll still be responsible for upfront and annual MIP, though in some cases, discounts may apply.
• Closing Costs: You’ll need to pay closing costs, though ALCOVA can help you explore options to roll them into the loan or cover them with lender credits.

Work With a Trusted FHA Lender

As an approved FHA lender, ALCOVA Mortgage makes the streamline refinance process simple and personalized. Our loan officers will guide you through every step to ensure you understand your options and receive the best possible outcome.

Ready to see if you qualify for an FHA Streamline Refinance?
Contact ALCOVA Mortgage today to speak with one of our experienced loan officers and find out how much you could save!