Save Money on Mortgage with an FHA Streamline Refinance—No Appraisal Needed
- By Jim Blackburn
- on
Client Profile
- Names: Devin & Alyssa H.
- Ages: 38 & 36
- Location: Sacramento, CA
- Original FHA Loan Rate: 5.25%
- New FHA Streamline Rate: 3.875%
- Loan Balance: $285,000
- Monthly Savings: $273
- Credit Score: 662
The Challenge
Devin and Alyssa had purchased their home two years ago using an FHA loan when rates were higher and their credit was limited. After hearing that rates had dropped, they wanted to refinance—but they didn’t want to deal with a new appraisal, income documents, or a long closing process.
Their biggest concern was whether they could even qualify with only one spouse working during the pandemic.
The Strategy
We reviewed their file and confirmed they were perfect candidates for the FHA Streamline Refinance:
- No appraisal required
- No income documentation needed
- No credit score minimum enforced (though they had over 660)
- Allowed for a quick close—under 3 weeks
- Upfront MIP was rolled into the loan
- Closing costs covered via lender credit
The Outcome
- New monthly payment dropped by $273/month
- Closed in just 17 days
- No new appraisal or underwriting hassles
- The couple used their savings to start paying down their student loans faster
- Their equity position continued improving as home values rose
Quote from Alyssa:
“I couldn’t believe how fast and simple it was. We didn’t have to submit a single pay stub or get an appraisal—and now we’re saving almost $300 a month.”
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