If you have an FHA loan, you can quickly and easily lower your monthly payments when interest rates fall through an FHA streamline refinance. This program allows you to refinance an FHA loan without going through another credit check or home appraisal. With mortgage rates expected to drop in 2025 and 2026, there could be an uptick in refinance interest in the coming months and years. If you are considering an FHA streamline refinance, here’s a look at the best lenders offering competitive rates and reliable customer service.
What is an FHA streamline refinance?
The FHA streamline refinance is a special refinancing process for FHA loan holders. Compared with a traditional refinance, it is typically quicker and easier to qualify for.
FHA streamline refinances often require less documentation and have more flexible criteria. For instance, you may not need to go through a credit check, have your income verified, or conduct a home appraisal.
Another benefit of the streamline program is that you can usually refinance with little to no equity in your property. However, you can’t take cash out from your equity using an FHA streamline refinance. Individual lenders may also have more stringent criteria you must meet to complete a streamline refinance with them.
Best FHA streamline refinance lenders of April 2025
While not every lender offers FHA streamline refinance loans, many prominent mortgage lenders do. Be sure to compare rates from multiple lenders and choose one that offers the most competitive rates and the other features that matter to you most (customer reviews, closing cost amounts, credit score requirements, etc.).
Here are the best lenders for an FHA streamline refinance:
- Rocket Mortgage: Best for borrowers seeking a robust online experience
- Freedom Mortgage: Best for borrowers seeking a quick closing
- Rate: Best for borrowers who prefer in-person service
- Newrez: Best for first-time refinancers
- Pennymac: Best for borrowers with little savings
- LoanDepot: Best for borrowers who want the flexibility of being able to refinance multiple times
- New American Funding: Best for rate transparency
- PNC Bank: Best for closing cost credit
- Mutual of Omaha Mortgage: Best for mobile app users
- Movement Mortgage: Best for borrowers prioritizing a fast underwriting process
Rocket Mortgage
Rocket Mortgage
4.4
Credible Rating
Min. Credit Score
580
Days to Close
30
Pros and cons
More details
Best for: Borrowers seeking a robust online experience
Rocket Mortgage is a national lender with an end-to-end online mortgage experience and a reputation for solid customer service.
Learn More: Rocket Mortgage Home Loan Review
Freedom Mortgage
Best for: Borrowers seeking a quick closing
Freedom Mortgage is one of the top FHA lenders in the country and emphasizes speed.
Pros
- Quick closing: Freedom Mortgage says it can close on your FHA streamline refinance loan in less than 30 days.
- Deep experience with FHA loans: Inside Mortgage Finance ranked Freedom Mortgage as the biggest FHA lender nationwide in 2021, so you can rest assured its loan officers have deep experience with the streamline refinance program.
- Little paperwork: Freedom Mortgage doesn’t require a home appraisal or income verification for its streamline refinances.
Cons
- Must fill out a contact form to start: You won’t be able to jump into a refinance application. Instead, you must send in your contact information and wait for a loan officer to get in touch.
- No mortgage rates online: Freedom Mortgage doesn’t publish current mortgage rates online. This makes it harder to comparison shop.
- Lack of transparency on qualifications: The company promises “easy credit score qualification,” but doesn’t detail its requirements for who will qualify for an FHA streamline refinance.
Read the full review: Freedom Mortgage Review
Learn More: Credit Score Needed to Get a Home Loan
Rate
Rate
4.7
Credible Rating
Min. Credit Score
620
Days to Close
30
Pros and cons
More details
Best for: Borrowers who prefer in-person service
Rate, formerly Guaranteed Rate, has a robust online mortgage platform but also maintains a wide branch network, with loan officers across the country.
Learn More: Guaranteed Rate Review: Mortgage and Mortgage Refinancing
Newrez
Best for: First-time refinancers
Newrez, formerly Caliber Home Loans, is a national lender with several loan options available (conventional, FHA, VA, fixed and adjustable-rate loans, and niche loans like investment property financing), and an emphasis on helping you understand the loan process.
Pros
- Lots of educational material: Newrez has a wealth of resources available online, which might prove helpful if you’re new to the refinancing process.
- Available nationwide: Newrez is licensed in all 50 states.
- Perks for homebuyers such as a $5,000 close-on-time guarantee and 45-day rate lock
Cons
- Higher credit score requirement: You must have a credit score of 660 to complete an FHA streamline refinance with Newrez. That’s higher than other lenders require.
- Little in-house servicing: Newrez generally sells off the loans it originates, meaning you’ll end up dealing with a different company for your mortgage payments.
- Prepayment penalties: Newrez says its prepayment penalties vary by loan type and state, so you may face a fee if you decide to refinance your loan again or otherwise pay it off early.
Pennymac
Best for: Borrowers with little savings
Pennymac is a national home lender and one of the largest mortgage servicers in the country, offering no-cost refinance loans.
Pros
- Low closing costs: Pennymac says it has “low or no-cost” options for FHA streamline refinances, which might help if you have little savings to cover closing costs upfront.
- Mortgage rate available online: Pennymac publishes its current 30-year FHA mortgage rate online, making it easy to compare quickly.
- No appraisal or income documentation required: You won’t need to have your home appraised or prove your income to get an FHA streamline refinance with Pennymac.
Cons
- No physical branches: If you’re looking for in-person service, you won’t be able to get it with Pennymac.
- Not available in New York: Pennymac doesn’t originate loans in the state of New York.
- No home equity loans: If you decide to tap your home equity down the line, you won’t be able to do that with Pennymac.
Learn More: Pennymac Mortgage Review
LoanDepot
Best for: Borrowers who want the flexibility of being able to refinance multiple times
LoanDepot is an online-focused lender that wants to keep your business. One way it does this is by waiving refinancing fees for returning customers.
Pros
- Fees waived on future refinances: Once you refinance with LoanDepot, the company promises to waive its lender fees if you refinance again with the company down the line.
- Completely online application: LoanDepot uses a fully online mortgage application process, including uploading documents.
- No-closing-cost option may be available: LoanDepot says borrowers may qualify for a “no-cost” FHA streamline refinance, which covers the closing costs in exchange for a higher interest rate.
Cons
- Mortgage rates not available online: LoanDepot doesn’t publish current mortgage rates on its website. You’ll have to contact a loan officer to find out what they are.
- Branches not available in all areas: While LoanDepot does have a large number of branches for in-person service, you won’t find them in all areas.
- No home equity loans: Like many lenders on this list, LoanDepot doesn’t offer home equity loans, so you’ll need to find another lender if you plan to tap your home equity in the future.
Learn More: LoanDepot Review: Mortgage and Mortgage Refinancing
New American Funding
New American Funding
3.8
Credible Rating
Min. Credit Score
580
Days to Close
14
Pros and cons
More details
Best for: Rate transparency
New American Funding is a direct lender that wants to help you move quickly, whether you’re buying a home in a hot labor market or refinancing. It also maintains a strong focus on supporting Hispanic borrowers.
Learn More: New American Funding Mortgage Review
PNC Bank
PNC Bank
4.6
Credible Rating
Min. Credit Score
700
Days to Close
15
Pros and cons
More details
Best for: Closing cost credit
PNC Bank is a large national commercial bank with programs to help low-income borrowers afford their homes.
Check Out: How Loan-to-Value Ratio (LTV) Impacts Refinancing
Mutual of Omaha Mortgage
Mutual of Omaha
4.5
Credible Rating
Min. Credit Score
620
Days to Close
40
Pros and cons
More details
Best for: Mobile app users
Mutual of Omaha Mortgage is a century-old company that has kept up with the times, including a flashy mobile app to help you navigate the refinance process.
Check Out: Best Home Equity Line of Credit (HELOC) Lenders
Movement Mortgage
Best for: Borrowers prioritizing a fast underwriting process
Movement Mortgage is a socially conscious company that prizes speedy service.
Pros
- Fast loan decisions: Movement says its goal is to have an underwriting decision within six hours and processing is done within seven days.
- Quick online application: You can dive right into a mortgage application on the Movement website without needing to jump through hoops.
- Supports philanthropic causes: Nearly half of Movement Mortgage’s profits go to the Movement Foundation, which sponsors philanthropy around the country.
Cons
- Mortgage rates not available online: You won’t find current rates posted on the Movement Mortgage website.
- Reputation: In 2023, Movement Mortgage was ordered to pay $23.75 million to resolve claims that it failed to comply with government-backed loans. The lender received credit for taking steps to correct the practices, which was noted in the settlement.
- No home equity loans available: You won’t be able to tap your home equity through a home equity loan or HELOC.
Here’s a side-by-side comparison of key points for the above lenders:
Methodology
Credible evaluates mortgage refinance lenders based on criteria including mortgage rates offered, fees charged, types of loans available, servicing policies, customer service, and technology. Data is gathered from the lenders’ websites and other publicly available data.
The ease of receiving a rate quote, lender transparency, and additional services are also factors.
FAQ
Is an FHA streamline refinance a good idea?
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Does an FHA streamline refinance have closing costs?
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FHA streamline refinance requirements
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