FHA & VA refinance
Two narrow refinances, each with a test to pass
A Streamline and an IRRRL do one job: lower the rate or the payment on a government-backed loan you already have. Each has to clear a rule before it can close — 5% off the principal and interest for FHA, costs recovered within 36 months for VA — and both tests are computed here.
Refinance calculator
What would the new payment be?
Pick Streamline or IRRRL, enter the loan you have and the rate you can get, and the estimate shows the payment before and after — plus whether the program's own rule is met.
FHA to FHA, no appraisal, and a 5% net tangible benefit to clear.
Your numbers
The loan you have
The new loan
The new rate opens on the national FHA 30-year average: 6.91% as of October 29, 2026, published by Mortgage News Daily. It is an assumption, not a quote — pricing moves with credit score, down payment, points and the property. If you want the rate your own scenario would be priced at, ask us for it. Source
New term
Restarting at 30 years lowers the payment and extends the loan; keeping the remaining term isolates the rate change.
Closing costs
Your answer
Your payment after refinancing
$2,063
Down from $2,197 a month at 6.91% on a 30-year fixed, with the FHA premium included.
The bottom line
Clears the Streamline test: principal and interest fall 6.6%, past the 5% net tangible benefit FHA requires, and the costs are earned back in 31 months (about 2.6 years).
- Payment now (P&I + premium)
- $2,197
- Payment after the Streamline
- $2,063
- Monthly savings
- $134
- Principal & interest reduction
- 6.6%
- Upfront premium, financed (1.75%)
- $5,061
- Annual premium (0.50%/yr)
- $123/mo
- Closing costs & fees
- $4,200
- Break-even
- 31 months (about 2.6 years)
- New loan amount
- $294,261
A Streamline leaves the FHA insurance in place: the 1.75% upfront premium is financed again, and the annual premium is recalculated on the new balance and loan-to-value. If the real goal is to get out of mortgage insurance, that is a different refinance — usually into a conventional loan once there is enough equity.
This tool is for informational purposes only.
Talk to an advisor
Is a Streamline the right move on your FHA loan?
Leave your details and I'll look at these exact numbers myself. No sales pitch, no obligation — and if the honest answer is "not yet", that's what you'll hear.
What I'll see
FHA Streamline · $285,000 payoff · 7.625% → 6.91% · 30-year fixed · saves $134/mo · P&I down 6.6%
Cash-out
Need cash out instead? That's a different loan, with its own ceiling
A Streamline and an IRRRL only move the rate and the terms — neither one hands you equity. Taking cash out means a full refinance: a new appraisal, a credit decision, and the premium or funding fee applied again. How much can come out is set by loan-to-value, and it differs by program.
FHA cash-out
80% LTV
Credit qualifying with a new appraisal, and no 5% net tangible benefit test to clear. The 1.75% upfront premium is charged again.
VA cash-out
Up to 100%
VA sets no lower ceiling against the appraised value, though most lenders stop around 90%. The funding fee applies and entitlement has to cover the new loan.
How it works
The rules behind the estimate
Six things that decide whether a Streamline or an IRRRL can close.
Same program, only
A Streamline refinances an existing FHA loan into another FHA loan, and an IRRRL refinances an existing VA loan into another VA loan. Neither moves a loan between programs.
No appraisal, no full underwriting
In the normal case neither one requires a new appraisal or a fresh credit decision, which is why they close fast and cost far less than a full refinance.
FHA's 5% net tangible benefit
The new principal and interest has to be at least 5% lower than what you pay now, or an adjustable-rate loan has to convert to a fixed one. No benefit, no Streamline.
VA's 36-month recoupment
VA requires the total cost of the refinance — closing costs and the funding fee together — to be recovered by the payment savings within 36 months.
The FHA premium follows you
A Streamline keeps FHA insurance: the 1.75% upfront premium is financed again and the annual premium is recalculated on the new balance. Removing it needs a different loan.
The VA fee is 0.5%
An IRRRL carries a 0.5% funding fee instead of the purchase schedule, it can be financed, and a service-connected disability award waives it entirely. Neither loan takes cash out.
Where we lend
- Primary, second homes & investment
- Georgia and Florida
- Investment property DSCR loans
- Every state except Missouri and Massachusetts
Tell us the state and the property type and the checker on the home page answers instantly, before you spend any time on anything.
Estimates only, not a quote or an offer to lend. Program rules, premiums and fees change, and eligibility is confirmed with your payoff statement, payment history and a full application.
Sitting on an FHA or VA loan from a higher-rate year?
Send the payoff figure and the rate you're paying. We'll check whether it clears its own test, what the fees really are, and whether a full refinance is the better answer.