Lower your mortgage payment fast with no appraisal and minimal paperwork!

If you already have an FHA mortgage, a Colorado FHA Streamline Refinance could be the easiest way to lower your monthly payment. This program is backed by the Federal Housing Administration and allows for a quick refinance without a full credit check, income verification, or home appraisal in most cases.

Why consider an FHA Streamline Refinance?

Here are some of the best features of this program:

  • No home appraisal required! Great for homes that have lost value.
  • No income verification in most cases, perfect if your financial situation has changed.
  • Quick and easy process; limited documentation required.
  • Reduced mortgage insurance premiums (MIP) if your FHA loan was originated before June 1, 2009.
  • No cash to close in many cases! You can roll in closing costs or use a lender credit.

This program is designed to lower your payment or interest rate and no cash out is allowed. You must show a “net tangible benefit,” which typically means a lower monthly payment.

More FHA Streamline Refinance FAQs Below!

Who qualifies for an FHA Streamline Refinance?

Wondering if you’re eligible? These are the basic requirements*:

– You must currently have an FHA loan.
– You must be current on your mortgage (no more than one 30-day late payment in the past 12 months).
– You must have made at least 6 payments on your current FHA loan.
– This must be your primary residence; investment properties do not qualify.
– No cash-out is allowed.

The great thing about the FHA Streamline is that in most cases, you don’t have to provide W2s or tax returns and you don’t need a new appraisal.

To check out FHA guidelines and learn more, visit the HUD FHA Streamline page.

If you’d like to see if you qualify or what your new payment would be, call us at 303-670-0137 or email us at rbaxter@choicemortgage.com. We’ll walk you through the numbers and help you decide if this program makes sense for you.

*Guidelines as of May 2025
*More details on FHA MIP can be found here: FHA Mortgage Insurance Premiums

FHA Streamline Refinance FAQs

It’s a simplified refinance option for homeowners with an existing FHA loan. It allows you to refinance to a lower rate or better terms with less paperwork, no appraisal, and minimal income documentation.

No — one of the main benefits of the FHA Streamline is that it doesn’t require a new appraisal. That means even if your home’s value has dropped, you may still qualify.

No — FHA Streamline is strictly for rate and term improvements. If you want to take cash out, a standard FHA refinance or cash-out option would be needed.

Lower interest rate, reduced monthly payment, no appraisal, easier approval, and less paperwork. It’s one of the fastest and smoothest refinance options available for FHA borrowers.

Yes, there are closing costs, but they can often be rolled into the loan or offset with a slightly higher interest rate if you want a “no out-of-pocket” option.

You must have made at least six on-time monthly payments and the refinance must be at least 210 days after your original loan closing date.

Yes, but it’s less strict than many other refinance options. You typically don’t need a credit check if you’re doing a non-credit qualifying streamline, but a better score can still help with pricing.

Not always. If the property was originally your primary residence and you're refinancing an existing FHA loan, you may still qualify even if it’s now a rental or second home — depending on the lender.