FHA Streamline Refinance Guide
Quick Start Guide
FHA Streamline
in 4 Steps
Your fast-track guide to refinancing with confidence
1
Check Eligibility
Verify you qualify
- Made 6 payments on existing FHA loan
- 210+ days since original closing
- Clean payment history (max 1 late)
- Loan is current this month
2
Calculate Amount
Determine your new loan
- Start with outstanding balance
- Add interest + MIP (if owner-occupied)
- Subtract UFMIP refund
- Round down to nearest $50
3
Prove Benefit
Show rate improvement
- Fixed to Fixed: 0.5% reduction min
- Fixed to ARM: 2.0% reduction min
- ARM to Fixed: Within 2% above
- Or reduce term with ≤$50 payment increase
4
Submit & Close
Finalize your refinance
- No appraisal required (most cases)
- Minimal documentation needed
- Cash back limited to $500
- Closing costs cannot be financed
Key Numbers
Important Limits
These are the critical thresholds you need to know
$500
Max Cash Back
At Closing
6
Payment History
Required Months
210
Days Minimum
Since Closing
60
Days Interest
Maximum Included
Example
Sample Calculation
See how the numbers work in a real scenario
💰 Loan Amount Breakdown
Outstanding Principal Balance
$245,000
+ Interest Due (60 days max)
$2,450
+ MIP Due
The FHA Streamline Refinance Guide | Robert Castle Mortgage Broker