FHA Streamline Calculator

An FHA Streamline Refinance is a simplified refinancing program available to homeowners who already have an FHA-insured mortgage. It allows you to lower your interest rate and monthly payment with reduced documentation requirements — typically no income verification, no credit check, and no appraisal. The primary requirement is that the refinance must result in a net tangible benefit, meaning a measurable reduction in your combined principal, interest, and mortgage insurance payment. FHA Streamlines are among the fastest and least expensive refinance options available because they skip many of the steps required in a standard refinance.

In most cases, no — an appraisal is not required for an FHA Streamline Refinance. HUD waives the appraisal requirement for streamline refinances, which speeds up the process and reduces costs. The original appraised value from your existing FHA loan is typically used instead. However, if you want to roll closing costs into the loan or if the lender has an overlay requirement, an appraisal may be requested. Some lenders also require an appraisal for credit-qualifying streamlines where income and credit are verified.

A UFMIP refund is a partial refund of the Upfront Mortgage Insurance Premium you paid when you originally obtained your FHA loan. If you refinance within three years of your original FHA closing date, HUD provides a prorated refund of the upfront MIP based on how many months have elapsed. The refund percentage starts at 80% if you refinance within the first month and decreases by roughly 2% each month until it reaches 10% at month 36, after which no refund is available. This refund is credited toward the new UFMIP on your streamline refinance, reducing the net cost of refinancing.