An FHA streamline refinance is a faster and cheaper way to get a better deal on your FHA-insured mortgage.
Not all FHA streamline refinance lenders are the same. Lenders can add additional requirements to FHA loans, including a minimum credit score — and lender fees can vary as well.
NerdWallet has considered some of the largest FHA streamline refinance lenders in the U.S. to provide you with a shortlist of the best-in-class in several categories.
» MORE: FHA streamline refinance FAQ
Best online FHA streamline refinance mortgage lenders
You’ll touch less paperwork and get round-the-clock convenience with these leading online lenders.
- Highest-volume FHA lender in the nation
- Offers a fully online application experience
- Talk to a mortgage advisor at any time throughout the process
- Quicken Loans review
- Features growing online capabilities and over 180 affiliated loan stores in U.S.
- Well-rated for low customer-complaint volume
- Head-to-head rate comparison page shows how Loan Depot stacks up among competitors
- LoanDepot review
Best FHA streamline refinance mortgage lenders with unique services
These lenders are known for offering special loan features for borrowers.
- Features Spanish version of its website; Hispanics make up 70% of the customer base
- Offers an Individual Taxpayer Identification Number loan option to undocumented immigrant borrowers
- Has an integrated mobile app and fully digital online application and loan tracking
- Alterra Home Loans review
- Caters to military service members and offers 24/7 customer support
- Offers FHA loans, too
- Partners with veterans from all military branches to improve customer service
- Veterans United Home Loans review
Best FHA streamline refinance nonbank mortgage lenders
Nonbank lenders seek to appeal to customers with competitive fees, strong customer service and innovative products.
- Features a completely online mortgage process
- Earns high marks for customer satisfaction
- Offers a $250 credit for digital mortgage customers, which can offset some upfront fees
- Guaranteed Rate review
- Start the mortgage process online, over the phone or in person if there’s a nearby branch
- Can deliver loan disclosures electronically
- Offers educational material on the website
- Homebridge Financial Services review
Best FHA streamline refinance mortgage lenders for low-credit-score borrowers
These lenders are especially adept at working with borrowers who have less-than-stellar credit scores.
- Offers an online loan application and document upload
- Features live-chat customer service option on its website
- Uses alternative credit scoring for some government-insured loans
- J.G. Wentworth Mortgage review
- Minimum credit score of 500 in some cases.
- Offers more lenient borrowing requirements with in-house underwriters who can manually underwrite loans.
- Free rate locks.
- Vylla review
Best FHA streamline refinance traditional bank mortgage lenders
Brand name national and regional banks offer neighborhood convenience and products.
- Features an online portal that keeps you updated throughout the lending process
- Existing bank customers might qualify for a reduction in fees
- Offers in-house video conferencing with loan officers at 700 branches if one isn’t on site
- Bank of America mortgage review
- Features over 2,000 financial centers, mostly in the Southeast
- Offers educational material at the mortgage website
- Considers alternative credit history on certain loans
- BB&T review
Best FHA streamline refinance mortgage lenders: summary
- Quicken Loans: Best for online experience
- LoanDepot: Best for online experience
- Alterra: Best for unique services
- Veterans United: Best for unique services
- Guaranteed Rate: Best among nonbank lenders
- Homebridge: Best among nonbank lenders
- J.G. Wentworth: Best for low credit score borrowers
- Vylla: Best for low credit score borrowers
- Bank of America: Best among traditional banks
- BB&T: Best among traditional banks
FHA streamline refinance FAQ
» MORE: How to refinance your mortgage
Under the FHA’s rules, borrowers may receive gifts of down payment money from family, “close” friends, employers, unions, charitable organizations, as well as a “governmental agency or public entity.”
FHA borrowers pay upfront and monthly mortgage insurance premiums. Monthly premiums can’t be canceled. The only way to get rid of FHA mortgage insurance is to pay off the loan, refinance into a non-FHA loan or sell the house. By contrast, private mortgage insurance on conventional loans may be canceled after the borrower gains sufficient equity.
» MORE: Cash-out refinance pros and cons