Lower Your FHA Rate. No Appraisal. Less Paperwork.
Already have an FHA loan? Refinance to a lower rate with minimal documentation — no appraisal, no income verification, and reduced mortgage insurance in many cases.
The FHA Streamline is designed for speed and simplicity. Here's why FHA borrowers choose it.
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No Appraisal Required
Skip the appraisal entirely. No risk of a low value derailing your refinance. Your home's current value doesn't matter — only your payment history and the benefit of the new loan.
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Lower Your Rate
Lock in today's lower rates without the hassle of a full refinance. Even a small rate drop saves thousands over the life of your loan and reduces your monthly payment significantly.
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Reduced MIP
Borrowers with FHA loans originated before June 2009 may qualify for dramatically reduced upfront MIP — as low as 0.01% instead of the standard 1.75%. That's a savings of thousands.
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Minimal Documentation
No income verification, no employment verification, no bank statements. The non-credit qualifying option is a true streamline — less paperwork than any other refinance program.
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Fast Closing
With less paperwork and no appraisal, most FHA Streamlines close in 15 to 21 days. Start saving sooner with one of the fastest refinance programs available.
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$0 Out of Pocket
Roll your closing costs and upfront MIP into the new loan. Refinance with nothing due at closing — a true no-cost refinance that still lowers your payment.
Qualification Requirements
Do You Qualify for an FHA Streamline?
FHA Streamline eligibility is straightforward. Here's what you need to know.
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Basic Requirements
To qualify for an FHA Streamline refinance, you must meet these basic criteria:
Must currently have an FHA-insured mortgage
Must have made at least 6 monthly payments on current FHA loan
At least 210 days must have passed since your FHA loan closed
Must be current on payments — no 30-day lates in the last 3 months
Maximum one 30-day late payment in months 4 through 6
Refinance must result in a net tangible benefit (lower rate, lower payment, or switch from ARM to fixed)
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Two Qualification Paths
Non-Credit Qualifying (Most Common):
No credit check required
No income or employment verification
No appraisal required
No debt-to-income ratio calculation
Fastest and simplest option
Credit Qualifying:
Required if adding a borrower to the loan
Required if increasing payment by more than 20%
Full credit check and income verification
May require appraisal
Credit score minimum: 580 (Texana Bank)
Process
How FHA Streamline Refinancing Works
A simplified process designed to get you to a lower payment fast.
1
Check Your Eligibility (5 Minutes)
We verify your existing FHA loan, check your payment history, and confirm you meet the 6-payment and 210-day requirements. No credit pull needed for non-credit qualifying. We'll let you know immediately if you qualify.
2
Lock Your New Rate (Same Day)
Once eligible, we lock your new lower rate immediately. We handle all the paperwork — there's significantly less than a standard refinance. No appraisal to schedule, no income docs to gather, no employment verification calls.
3
Close & Start Saving (15-21 Days)
No appraisal to schedule, no income docs to chase. Sign your closing documents and your lower payment begins with your next billing cycle. Most FHA Streamlines close in 15-21 days from application.
Compare Options
FHA Streamline vs. FHA Cash-Out Refinance
Two ways to refinance your FHA loan. Here's how they compare.
FHA Streamline refinances have some of the lowest closing costs of any refinance option.
Cost
Amount
Notes
Upfront MIP
1.75% of loan amount
Rolled into loan. Reduced to 0.01% if original FHA loan before June 2009 AND Streamline within 3 years
Annual MIP
0.55% for most loans
Paid monthly as part of your payment. Based on loan amount and LTV
Origination Fee
Up to 1%
Varies by lender. Texana Bank offers competitive origination
Title & Recording
$500 - $1,500
Varies by state and county
Credit Report
$0 - $75
Not required for non-credit qualifying
Can I get the reduced 0.01% upfront MIP?
Your original FHA loan must have closed BEFORE June 1, 2009
You must complete the Streamline within 3 years of the original loan
This applies to the upfront MIP only — annual MIP rates are set by current FHA guidelines
$0 Out-of-Pocket Refinance
All closing costs can be rolled into your new loan — meaning true $0 out-of-pocket refinance. Your loan balance will be slightly higher, but your monthly payment should still be lower thanks to the reduced interest rate.
Does getting pre-approved or seeing if I qualify hurt my credit score?
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No. Texana Bank Mortgage uses a soft credit inquiry for pre-qualification, which has absolutely no impact on your credit score. You can check your rate, explore loan options, and get pre-approved without any effect on your credit. A hard inquiry only occurs later if you formally move forward with a full application.
What is an FHA Streamline refinance?
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An FHA Streamline refinance is a simplified refinance program exclusively for borrowers who already have an FHA-insured mortgage. It's designed to help you lower your interest rate or payment with minimal paperwork — no appraisal required, no income verification in most cases, and reduced upfront mortgage insurance premiums for qualifying borrowers. It's the fastest way to reduce your FHA payment.
Who qualifies for an FHA Streamline refinance?
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To qualify for an FHA Streamline, you must currently have an FHA-insured mortgage, have made at least 6 monthly payments, and at least 210 days must have passed since your loan closed. You must be current on payments with no 30-day lates in the last 3 months and maximum one 30-day late in months 4-6. The refinance must result in a net tangible benefit — typically a lower rate, lower payment, or switch from ARM to fixed.
What's the difference between credit qualifying and non-credit qualifying?
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Non-credit qualifying (the most common path) requires no credit check, no income verification, and no appraisal — it's the true streamline option. Credit qualifying is required if you're adding a borrower to the loan or increasing your payment by more than 20%, and involves full credit check, income verification, and possibly an appraisal. Non-credit qualifying is faster and has minimal documentation requirements.
Do I need an appraisal for an FHA Streamline?
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No. One of the biggest benefits of an FHA Streamline is that no appraisal is required. This saves you time, money, and eliminates the risk of a low appraisal value delaying or derailing your refinance. Your home's current value doesn't matter — only your payment history and the net tangible benefit of the new loan.
Do I need income verification for an FHA Streamline?
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For the non-credit qualifying option (most common), no income or employment verification is required. You don't need to provide pay stubs, W-2s, tax returns, or employment verification. If you choose or are required to do a credit qualifying Streamline, full income documentation is required along with a credit check and debt-to-income calculation.
What credit score do I need for an FHA Streamline?
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For the non-credit qualifying option, no credit score is required — there's no credit check at all. For the credit qualifying option, Texana Bank Mortgage requires a minimum credit score of 580, which is the FHA standard. Most borrowers choose the non-credit qualifying path to avoid the credit check entirely.
How much is the upfront MIP on an FHA Streamline?
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The standard upfront mortgage insurance premium (MIP) is 1.75% of the loan amount and can be rolled into your new loan. However, if your original FHA loan closed before June 1, 2009, AND you complete the Streamline within 3 years of the original loan, you may qualify for a dramatically reduced upfront MIP of just 0.01% — a savings of thousands of dollars.
Can I get reduced MIP if my original loan is old?
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Yes. Borrowers with FHA loans that originated before June 1, 2009, may qualify for a reduced upfront MIP of 0.01% (instead of the standard 1.75%) if they complete the Streamline refinance within 3 years of the original loan closing. This applies only to the upfront MIP — annual MIP rates are set by current FHA guidelines regardless of when the original loan closed.
Can I remove MIP entirely with an FHA Streamline?
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No. FHA Streamline refinances do not allow you to remove annual MIP entirely. You will continue to pay monthly MIP on your new loan based on current FHA guidelines, which is typically 0.55% annually for loans over $726,200 or 0.50% for loans under that amount with 95% LTV or less. To eliminate MIP completely, you would need to refinance into a conventional loan with at least 20% equity.
Can I take cash out with an FHA Streamline?
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No. The FHA Streamline is strictly a rate-reduction program — you cannot receive cash back at closing beyond $500 for incidental costs. The new loan amount is limited to your current balance plus allowable closing costs and upfront MIP. If you need to access your home equity for cash, an FHA Cash-Out Refinance is the appropriate option.
What is the net tangible benefit requirement?
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FHA requires every Streamline refinance to provide a 'net tangible benefit' to the borrower. This means the refinance must result in a lower interest rate (at least 0.5% reduction for fixed-to-fixed), a lower monthly principal and interest payment, a shorter loan term, or a switch from an adjustable-rate to a fixed-rate mortgage. Your lender must document that the refinance genuinely improves your financial position.
How long do I have to wait after getting an FHA loan to do a Streamline?
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You must have made at least 6 monthly payments on your current FHA loan, and at least 210 days must have passed since your original loan closed. This waiting period ensures you've established a payment history and prevents rapid refinancing without genuine benefit. Once you meet these requirements, you can proceed with a Streamline refinance.
How fast can an FHA Streamline close?
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Because FHA Streamline refinances require no appraisal and minimal documentation (especially for non-credit qualifying), most close in 15 to 21 days from application. This is significantly faster than standard refinances which typically take 30-45 days. At Texana Bank, we prioritize fast closings so you can start saving sooner.
Can I roll closing costs into the loan?
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Yes. You can roll the upfront MIP (1.75% or 0.01% if eligible) and all other closing costs into your new loan amount, resulting in a true $0 out-of-pocket refinance. Your new loan balance will be slightly higher than your current balance, but your monthly payment should still be lower thanks to the reduced interest rate.
FHA Streamline vs FHA Cash-Out — which should I choose?
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Choose FHA Streamline if your goal is to lower your rate or payment with minimal hassle and you already have an FHA loan. Choose FHA Cash-Out if you need to access your home equity as cash, want to refinance a non-FHA loan into FHA, or need to increase your loan amount beyond just closing costs. Cash-Out requires an appraisal, full income verification, and has higher upfront MIP (1.75% vs potentially 0.01% for Streamline).
Can I switch from an ARM to a fixed rate with FHA Streamline?
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Yes. Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage is one of the qualifying net tangible benefits for an FHA Streamline. Even if your new fixed rate is slightly higher than your current ARM rate, the stability and predictability of a fixed payment qualifies as a net tangible benefit under FHA guidelines.
What if I'm behind on my FHA payments?
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You must be current on your FHA mortgage to qualify for a Streamline refinance. You cannot have more than one 30-day late payment in the past 6 months, and you cannot currently be in delinquent status. If you're struggling with payments, contact us to discuss other options such as loan modification or forbearance programs that may be available.
How many times can I use an FHA Streamline?
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There is no limit to how many times you can use an FHA Streamline refinance, as long as each refinance meets the net tangible benefit requirement and you meet the 6-payment and 210-day waiting periods. If rates drop again after your last Streamline, you can refinance again. Many FHA borrowers have refinanced multiple times as rates have fallen.
Can I refinance an FHA loan into a conventional loan instead?
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Yes. If you have at least 20% equity in your home and qualify for conventional lending standards, refinancing from FHA to conventional can eliminate your monthly MIP entirely and potentially lower your rate. This is not an FHA Streamline — it's a standard conventional refinance requiring full appraisal, income verification, and credit underwriting. However, the long-term savings from eliminating MIP can be substantial.
Reviews
What Borrowers Say About Texana Bank
Real reviews from real borrowers. See why homeowners trust Texana Bank Mortgage.
I had an excellent experience working with my texana bank mortgage from start to finish. They were extremely professional, knowledgeable, responsive, and made the entire mortgage process feel much easier than I expected.
They took the time to explain everything clearly, answered all of my questions, and kept me informed throughout the entire process. I always felt like I had someone in my corner who genuinely cared about helping me reach my goals.
If you’re looking for a mortgage broker who is trustworthy, dependable, and willing to go the extra mile for their clients, I highly recommend them. I truly appreciate all of their hard work and would definitely work with them again!
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Kent Sisco
★★★★★
Adam McCormick is fantastic! Easy to work with and keep me informed every step of the way! Looking forward to working with him again in the future
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Andrea Ferrell
★★★★★
Adam was phenomenal from start to finish! He was friendly and professional. He assisted me every step of the way, walking me through the process with ease. He was always there for whatever questions I had. He was very, very patient and always reached out to me in a timely manner if I contacted him and he was unavailable at the time. Moreover, he made me feel as if he cared for more than just my loan, but me as a person!!! Texana is blessed to have him as an associate!!
Andrea
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Clay Ragsdale
★★★★★
Where to really start. Adam walked me through everything and put me at ease. I have had some bad experiences with other companies so I was digging and looking for any red flag. There was none with him and his direct talk is what did it for me. Someone that is real and just says what it is. No false hope or misdirection at anytime.
I would recommend him to anyone and definitely Someone looking for honesty and caring. The communication is top notch and a true professional.
Respectfully,
Clay
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Belvia Lynn
★★★★★
My overall experience while working with Adam McCormick was excellent. He was very pleasant and professional.
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Joseph Hardman
★★★★★
Adam McCormick is an absolute professional in every sense of the word. I will NEVER use any other loan officer for my financials other than Adam as long as he is in the business. His work as my loan officer was exceptional. Throughout the process, he always responded to an e-mail, responded to a text, called right back if not answering immediately. He always made you feel as though you were his only client. There was never the impression he had more important things to do other than speak with you. He worked with us through a death in the family, personal issues, and numerous other challenges. It's possible other loan officers would have given up on us during this process, but Adam stuck with us through it all. His work ethic is amazing. He is an expert in his craft. I could not possibly give a higher recommendation, he has redefined what right looks like in this business.
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Marsha Kessler-Bradshaw
★★★★★
I was about to go with another company for this refinance no cash out until I received a call from this Adam McCormick. He was so knowledgeable and made me feel very comfortable with this process. Adam is knowledgeable ,courteous, understanding and has a real passion and patience for people. 👍We are at the closing. Thank you Adam McCormick!!
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Peter Jenkins
★★★★★
My situation had its difficulties. Justin was confident and persistent through the process and we the got the result
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Dale Samuel
★★★★★
Mark has been very professional and has been very respectful to my wife and myself.
Mark has shown that genuine human qualities and really worked with us and for us.
This actually been a pleasure to get to know Mark.
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James Fields
★★★★★
Outstanding Service and support from a truly Customer Oriented Agent! My pleasure to have worked with Mr. MCcormick.! Would follow him to next source if necessary. He is concerned in an outstanding balanced way. My pleasure to?know and do Business with him and The Bank!
JFields
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Rose Stone-Stewart
★★★★★
Texana Bank was there for us throughout the entire process. Their personableness, as well, their professionalism. As a financial institution it was nice to know that while obtaining a loan, we had a safe place to relay. They are absolutely “by the book” and at the same time makes the process easier to participate. The hospitality and genuine concern as clients was overwhelming of which we will always consider Texana Bank first, before mostly any other financial institution.
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Mitchell Morris
★★★★★
Greg was awesome and the process was simple. I have nothing but the highest praise for the process and for Greg himself. Thank you.
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Ronald Bylsma
★★★★★
Best refi experience of our lives, Andre was very knowledgeable and always kept us calm when things got stressful. Would recommend Mr. Andre Floyd to anyone looking for a great lending officer!
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Dejan Jajcevic
★★★★★
I’ve worked with mini bankers before and I used to do them over a decade ago myself and my experience that I had with Chad was nothing short of phenomenal. He is a wonderful Banker does a very diligent job and did not miss any moments of reassuring me where my loan was and closing I couldn’t say enough good things about him and I hope if I ever need to go through this stressful process again he is still in business to take care of me
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James Reaves
★★★★★
Adam is awesome super friendly easy to work with always aware of what’s going on and keeps you informed which is great.
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Lesli Hopkins
★★★★★
Lynette is absolutely awesome to work with! She takes the time to make you comfortable with the process and answers any questions completely and accurately
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Bobby Strickland
★★★★★
Andre Floyd was ABSOLUTELY AMAZING. I just love working with him.
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Abraham Sanchez
★★★★★
Working with Greg Darlin has been an awesome experience. An honest and sincere individual. He is to the point and very very knowledgeable. I appreciate the fact that he didn’t try to give me the run around and through the entire process I learned a few things. Thank you.
Ready to Lower Your FHA Rate?
Whether you want to reduce your payment, shorten your term, or switch from an ARM to a fixed rate, our FHA specialists can help.
