Lower Your FHA Payment with Minimal Paperwork

No, the FHA Streamline Refinance does not require a credit check. The FHA focuses on your payment history on your existing FHA loan. As long as you're current on your mortgage with no more than one 30-day late payment in the past 12 months, you can qualify regardless of your credit score. This makes it an excellent option for Nevada homeowners who may have experienced credit challenges but have maintained their mortgage payments.

No, the FHA Streamline Refinance does not allow cash-out refinancing. The program is designed strictly to lower your interest rate and monthly payment, or to switch from an adjustable-rate to a fixed-rate mortgage. However, you can roll your closing costs into the loan balance. If you need to access your home equity, you would need to apply for an FHA Cash-Out Refinance instead, which does require credit verification, income documentation, and an appraisal.

Typical closing costs for an FHA Streamline Refinance in Nevada range from $3,000 to $6,000, depending on your loan amount. This includes lender fees, title fees, recording fees, and upfront FHA mortgage insurance premium (1.75% of loan amount). However, you can roll these closing costs into your loan balance, meaning you can refinance with little to no out-of-pocket expense. Additionally, because no appraisal is required, you save $400-$600 compared to traditional refinances. Many Nevada borrowers find the monthly savings far outweigh the costs within the first year.

Unfortunately, no. The FHA Streamline Refinance keeps you in an FHA loan, which means FHA mortgage insurance (MIP) will still apply. If your original FHA loan was taken out after June 3, 2013, you'll have lifetime MIP that cannot be removed through an FHA Streamline. However, if you have sufficient equity (at least 20%), you could consider refinancing into a conventional loan instead to eliminate mortgage insurance entirely. This option requires full underwriting with credit check, income verification, and appraisal—but it could save you even more money long-term by removing MIP.

The FHA Streamline Refinance typically closes in 30 days or less—often faster than traditional refinances because there's no appraisal, no credit check, and minimal documentation required. The timeline can vary based on title work, lender processing times, and how quickly you provide the required documents (ID, mortgage statements). Some Nevada lenders can close FHA Streamlines in as little as 2-3 weeks if everything moves smoothly. The simplified underwriting process is one of the biggest advantages of this program.

The FHA requires that your refinance provide a "net tangible benefit"—meaning you must receive a measurable financial advantage from refinancing. Generally, this means your new principal and interest payment must be at least 5% lower than your current payment. Alternatively, if you're refinancing from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, that qualifies as a net tangible benefit even if the payment doesn't decrease by 5%, because you're gaining payment stability. Your lender will verify this requirement meets FHA guidelines before approving your Streamline refinance.

Yes! This is one of the greatest benefits of the FHA Streamline Refinance. Because no appraisal is required in most cases, your current home value doesn't matter. Even if your Nevada home has lost value or you owe more than it's worth (underwater), you can still qualify for an FHA Streamline as long as you meet the other requirements (current on payments, minimum 6 payments made, etc.). This made the program especially valuable during market downturns and continues to help Nevada homeowners regardless of local real estate conditions.

No, you can use any FHA-approved lender for your Streamline Refinance—you are not required to use your original lender. In fact, shopping around is recommended to ensure you get the best interest rate and lowest fees. Different Nevada lenders may offer different rates and closing cost structures, so comparing multiple quotes can save you thousands of dollars over the life of your loan. Our team specializes in FHA Streamline refinances for Nevada homeowners and would be happy to provide you with a competitive quote.