Refinance Loans
FHA Refinance
Streamline refinance with minimal paperwork, or cash-out to access equity.
If you currently have an FHA loan, the streamline refinance is one of the fastest, easiest ways to lower your rate. No appraisal, no income docs, minimal hassle. If you have meaningful equity, refinancing out of FHA into a conventional loan to drop permanent MIP is often the bigger long-term win.
Key Features
- • Streamline with no appraisal and minimal docs
- • Must show net tangible benefit (rate drop or ARM-to-fixed)
- • 210-day seasoning requirement
- • Cash-out option up to 80% LTV (separate program)
- • Can refinance FHA into conventional to drop permanent MIP
How it works
An FHA streamline reuses the original FHA insurance, which is why HUD allows the simplified process — they're already on the risk. Your new lender pulls a basic credit check, confirms you're current on payments, documents the net tangible benefit, and orders title. No appraisal, no income docs in most cases, often closes in 2–3 weeks.
What this looks like in Washington
A lot of WA homeowners who used FHA to buy in 2018–2022 now have 25–40% equity thanks to appreciation. For those folks, refinancing out of FHA into a conventional loan and eliminating permanent mortgage insurance is often a $200–$400/month decision. For homeowners with less equity or who plan to move within a few years, the streamline is the simpler play.
Pros
- • No appraisal, no income verification
- • Closes in 2–3 weeks typically
- • Underwater? Still eligible
- • Lower out-of-pocket than conventional refi
Cons
- • Can't drop MIP without an appraisal
- • No cash-out on streamline
- • Can't add/remove borrowers
- • Newer FHA MIP is permanent
Best for: Current FHA borrowers wanting a quick, low-friction rate drop. If you have 20%+ equity, ask me to compare with an FHA-to-conventional refi first.
Common Questions
Related Loan Types
Popular WA markets for FHA Refinance
If you bought FHA in these markets a few years back, equity gains may unlock a refi out of MIP.