If you already have an FHA, VA, or USDA loan and today's rate beats yours, the streamline path skips the appraisal, most of the paperwork, and shaves weeks off the timeline.
For existing FHA loans. No appraisal in most cases, reduced credit and income re-verification, and lower UFMIP than a standard refi.
Interest Rate Reduction Refinance Loan. The fastest VA refinance — no appraisal, no income verification in most cases, low funding fee.
For existing USDA loans, with similar appraisal-waiver and reduced-doc benefits.
Programs require a clear borrower benefit — meaningful rate drop, payment drop, or ARM-to-fixed switch — which protects you from cost-only refis.
About $322/mo of savings recoups the costs in roughly 17 months. No appraisal, no income re-verification, typical close around three weeks.
For illustration only. Numbers are hypothetical and don't represent an offer, rate lock, or guarantee. Actual rates, payments, fees, and qualification depend on your credit profile, the property, the lender, current market conditions, and required taxes & insurance. APR will differ from interest rate. 8Twelve Mortgage is an independent brokerage and arranges — but does not make — loans. Equal Housing Opportunity.
The government already insures or guarantees your loan. As long as you're saving money, the program doesn't need to re-underwrite from scratch. That's the whole reason streamlines waive appraisals and most documentation — it's just risk-reduction work that's already been done.
Requires an existing FHA loan that's at least 210 days old with on-time payments. The new loan must demonstrate a 'net tangible benefit' (typically a 0.5%+ combined rate-plus-MIP reduction, or moving from ARM to fixed). UFMIP from the original loan is partially refunded and credited toward the new UFMIP.
Available to anyone with a current VA loan, including investment properties that were previously owner-occupied. No COE re-pull needed, no income verification in most cases, no appraisal. Funding fee is reduced to 0.5% on IRRRLs — and waived for disabled veterans.
If you want to pull cash out, switch out of FHA/VA into conventional to drop MIP, or change the borrowers on the loan, you'll need a standard refinance instead. Streamlines are rate-and-term only and keep you in the same program family.
Even a 'reduced-doc' refi needs some basics: ID, mortgage statement, homeowner's insurance, and recent paystubs in some cases. The dramatic savings is on the appraisal, income re-verification, and the back-and-forth that typically eats the most calendar time.
A streamline refinance is a simplified refi available for existing FHA, VA, or USDA loans. It typically waives the appraisal, requires less documentation, and closes faster than a standard refi — because the government already insured/guaranteed the original loan.
Usually no. FHA streamlines and VA IRRRLs typically waive the appraisal entirely. Loan-to-value is calculated from the original purchase. USDA streamlines have similar provisions.
Most streamline programs allow reduced or no income re-verification, depending on the variant. We confirm what your specific loan type and lender require before you apply.
Yes. The refi has to demonstrably benefit you — typically a meaningful drop in rate or switching from an ARM to a fixed rate. Cost-only refis don't qualify.
Generally no. Streamline refis are rate-and-term only. To pull equity, you'd use a standard FHA or VA cash-out refinance instead.
Often 21–30 days because there's no appraisal and reduced underwriting. Some lenders close even faster when files are complete.
A 3-minute application. Soft credit pull. A real rate from a broker shopping 50+ lenders for you.
