FHA Streamline Refinance in Colorado: No Appraisal Option

FHA Streamline: lower your FHA rate with less paperwork

If you already have an FHA loan, a Streamline refinance can lower your rate without a new appraisal and, in many cases, without re-verifying income.

Who it fits

It fits FHA borrowers whose rate is higher than today's market, especially if income has changed or the home's value is uncertain. Since there is no appraisal and possibly no income check, a Streamline is one of the simplest refinances available.

The savings test

FHA requires a clear benefit. On a fixed-rate to fixed-rate refinance, your new interest rate plus annual mortgage insurance must be at least 0.5 percentage points lower than today's. Use the refinance calculator to see your break-even month, or let us run the exact numbers.

Enter your current FHA loan, with its monthly mortgage insurance, and the new one to see the savings and the break-even month.

Refinance calculator. Turn on JavaScript to change the numbers.

Monthly change−$251

$251 a month less. It breaks even after 1 year, 2 months, when the savings cover the costs.

Net savings over time

If you sell or refinance after7 years

1 year30 years

Interest and mortgage insurance saved, minus the refinance costs: what selling or refinancing again at that point would leave you ahead. It is largest when the new loan starts charging more interest a month than the current one would have. Press or drag the chart to move the look point.

Paid for After 7 years, the new loan is $16,499 ahead of keeping your current loan: the refinance has paid for itself.

Net savings are largest at 20 years, 5 months. From then the new loan charges more interest each month than the current loan would have, because more is still owed on it. Paying $70 extra a month ends the new loan when the current one would end, and the savings keep growing.

Payment now and after

	Current loan	New loan
Loan amount	$260,000	$263,500
Principal and interest	$1,874	$1,622
Mortgage insurance	$0	$0
Monthly total	$1,874	$1,622
Paid off in	27 years	30 years
Interest left to pay	$347,146	$320,569

A new 30-year term is the longest the loan can run, not how long you have to take. Keep paying $1,874, today's payment, and the new loan is paid off in 21 years, 3 months. That is 5 years, 9 months sooner than your current loan. To see it, set extra principal to $250.

Net savings counts interest and mortgage insurance on both loans and the cost of refinancing. Principal is not a cost, so it is left out. The new loan includes the $3,500 in costs.

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Calculators and guides

Common questions

Do I need an appraisal for an FHA Streamline?

No. The loan is not based on a new appraisal, which helps when values have declined.

Will you check my income and credit?

Not always. A non-credit-qualifying Streamline skips income and debt-to-income review. Removing a borrower from the loan requires full credit qualifying.

Do I get any of my upfront MIP back?

If you refinance FHA-to-FHA within three years of your last FHA loan, part of the upfront premium you paid is credited toward the new one. The credit shrinks each month.

Should I use a Streamline or switch to conventional?

With 20% equity and good credit, a conventional refinance can remove mortgage insurance entirely. Otherwise a Streamline is often the lowest-cost option. We compare both.