FHA Refinance Options in Michigan
Still on your original FHA rate? Michigan homeowners who refinance with MTGPros are seeing real monthly savings. Get your personalized rate quote — no credit impact, no pressure.
- Serving all 83 Michigan counties
- A lower rate with less paperwork on a Streamline
- Credit scores from 580 accepted
- Competitive rates
- FHA Streamline available – Minimal documentation refinance
- Reduce monthly payments
- Streamlined refinancing with less paperwork
- Cash-out refi options available
- No appraisal needed*
U.S. average FHA 30-year rate (Optimal Blue index via FRED, a market benchmark, not our rate, as of Oct 15, 2026): 7.08%
No appraisal typically required for VA IRRRL or FHA Streamline Refinance only. Cash-out refinances generally require an appraisal.
Get your personalized quote
No hard credit pull · about two minutes · a licensed pro calls you back
300+
Licensed loan officers
4.9★
Google Rating (5,400+)
<14 Days
Average Refi Closing
39
Licensed states AND Counting!
Why Refinance Your FHA Mortgage with MortgagePros?
Lower Your Payment
See if today’s FHA rates can reduce your monthly mortgage payment. Our Michigan team reviews your options at no cost to you.
Cash-Out Refi
Access your home equity for renovations, debt consolidation, or emergencies
Current FHA Owner?
You may qualify for a refinance even if your credit has changed since your original loan. We specialize in existing FHA borrowers.
Streamline Refinance
Minimal documentation refi option for existing FHA borrowers, often the quickest option.
Quick Closing
Closing times vary with the appraisal, title, underwriting and your documents; Streamline refinances often need less paperwork.
Why Michigan homeowners choose us
01
Michigan FHA Specialists
Our team understands Michigan’s housing market, county-level rates, and FHA guidelines — not a call center reading from a script.
02
Clear Communication
We explain everything in plain English. No confusing jargon. You’ll always know your current rate, new rate, and what to expect next.
03
Personal Service
You’ll work with a dedicated refinance specialist who knows your situation. Refi updates via text, call or email during business hours.
04
Honest Advice
If refinancing isn’t the best fit for you, we’ll tell you. We’re here to find the right solution that saves you money, not just make a sale.
Find Out What FHA Rate Our Michigan Team Can Get You
Or call us at 248-416-1361
FHA Streamline vs. Traditional Refinance
| Feature | Streamline Refi | Traditional Refi |
|---|---|---|
| Credit Score Required | Set by the lender; often 580 and up | 620-680 |
| Appraisal Required | No | Yes |
| Property Inspection | Not Required | May be Required |
| Documentation | Minimal (Streamlined) | Full Documentation |
| Processing Time | Varies by file | Varies by file |
| Closing Timeline | Varies by file | Varies by file |
| Cash-Out Available | Limited | Up to 80% equity |
| Rate Reduction | FHA net tangible benefit test; the required improvement depends on the loan terms | No benefit test; full underwriting instead |
| Best For | Existing FHA owners wanting speed & simplicity | Maximum cash-out or larger rate drops |
FHA Refinance Savings Calculator
Lower payment, same front door
An FHA Streamline keeps the house and cuts the payment, often without an appraisal.
How to Refinance Your FHA Mortgage in 4 Simple Steps
1
Check Your Rate
Complete our quick 2-minute form and see your potential monthly savings with no credit impact.
2
Get Your Quote
Get your detailed refi quote showing your new rate, terms, and monthly payment.
3
Review & Approve
Work with your specialist to review options. Minimal documentation needed for streamline refi.
4
Close & Save
Closing times vary with the appraisal, title, underwriting and your documents. Lock your new rate and start saving from your first new payment.
Our commitments to you
OUR PROMISE. We stand behind your refinance with these commitments:
Fast Refinance Approval
Many FHA refinances close within about a month, and Streamline refinances often need less paperwork. Timelines vary with the appraisal, title and underwriting.
Compare us
Bring us a competing Loan Estimate and we will compare it line by line and tell you honestly whether we can do better.
Transparent Refinance Pricing
Within three business days after we receive your application, federal rules require that you receive a Loan Estimate showing the rate, payment and closing costs. Those figures can change only where the rules allow it, such as when you lock your rate or ask for a change, and you receive a revised Loan Estimate if they do.
Always Available
Direct access to your refinance specialist by call, text or email during business hours.
Ready to Lower Your FHA Mortgage Payment?
Join 3,456+ homeowners who trusted MTGPros to refinance smarter, faster, and with confidence.
5,400+ MTGPros Customer Reviews Say It All Don’t just take our word for it. See what thousands of satisfied homebuyers have to say about their FHA loan experience with MTGPros.
FHA Refinance Loans: Lower Your Payment, Simplify Your Mortgage
Refinancing with an FHA loan can help you lower your monthly payment, reduce interest costs, or access your home’s equity—even if your credit isn’t perfect. FHA refinance options are designed to be flexible, affordable, and accessible for homeowners who may not qualify for conventional refinancing.
Whether you currently have an FHA loan or a conventional mortgage, FHA refinance programs offer powerful solutions to improve your financial picture.
FHA Refinance Options Explained
FHA Streamline Refinance
Fast. Simple. Minimal paperwork.
If you already have an FHA loan, the FHA Streamline Refinance is one of the easiest ways to lower your payment.
Key benefits:
- No appraisal required in most cases
- Often reduced income and employment documentation
- Reduced documentation
- Lower interest rate or monthly payment required
- Available even if your home value has declined
This program is ideal for homeowners looking to reduce their payment quickly with minimal hassle.
FHA Rate & Term Refinance
Switch loan types or improve your terms.
An FHA Rate & Term Refinance allows you to:
Refinance from a conventional loan into FHA
- Lower your interest rate
- Convert an adjustable-rate mortgage to a fixed-rate
- Shorten or extend your loan term
This option is perfect if your credit score has dropped, your income is harder to document, or you want more payment stability.
FHA Cash-Out Refinance
Access your home’s equity responsibly.
Need cash for debt consolidation, home improvements, or major expenses? An FHA Cash-Out Refinance allows you to borrow against your home’s equity while maintaining FHA’s flexible guidelines.
Highlights:
- Borrow up to 80% loan-to-value
- Credit scores as low as 580 may qualify
- Use funds for almost any purpose
- More forgiving underwriting than conventional cash-out loans
FHA Refinance Requirements
Credit Score Flexibility
FHA refinance programs are more forgiving than conventional loans:
- 580+ credit score for most refinance options
- Some cases may allow lower scores with compensating factors
- Recent payment history matters more than past credit mistakes
Previous bankruptcy or foreclosure may not disqualify you if enough time has passed.
Mortgage Insurance Considerations
FHA refinance loans require mortgage insurance:
- Upfront MIP: 1.75% (can be rolled into the loan)
- Annual MIP: Paid monthly
Many homeowners use FHA refinancing as a temporary strategy, then refinance into a conventional loan once they reach 20% equity—eliminating mortgage insurance later.
When an FHA Refinance Makes Sense
An FHA refinance may be right for you if:
- Your credit score has dropped since purchasing
- You’re upside down or low on equity
- You want to lower your monthly payment
- You need cash but don’t qualify for conventional options
- You want a simpler refinance process
What clients say.
4.9 out of 5 on Google · 5,440 reviews
Has has been the kindest and most patient man. He helped me through so many obstacles so that I was able to obtain the Home Equity Loan I needed desperately. He made himself available to me whenever I didn't understand something about the loan. I am a widow and have no one to turn to. Has helped me so much and I am so grateful for his interest in helping me. He is quite a man and I think quite an asset to your company.
Mason Alhajwal did an amazing job getting this done. I would highly recommend him for all your mortgage needs!
I could write a book on how amazing Hass Alabbsi is. You,Me,And God know what you have done and you will forever be in my prayers sir. Thank you so much for making this process possible and always being there for me
Haas is a pleasure to work with! He is professional, knowledgeable, and supportive throughout the entire process. His guidance is truly appreciated and highly recommend him.
Brennan Coleman did a fantastic job with our loan! He was able to secure a lower interest rate and saved us lots of money ! Thanks again…
FHA Refinance Loan Questions – Answered
Answered the way our loan officers answer them on the phone.
What credit score do I need for an FHA refinance?
Most FHA refinance programs allow credit scores as low as 580. FHA Streamline Refinances are even more flexible since they typically don’t require a full credit review. If your credit has taken a hit since buying your home, FHA refinancing may still be an option.
Do I need an appraisal to refinance with FHA?
It depends on the refinance type:
- FHA Streamline Refinance: Usually no appraisal required
- FHA Rate & Term or Cash-Out Refinance: Appraisal required
This makes Streamline refinances ideal if your home value has dropped or you’re unsure how much equity you have.
Can I refinance if my home value has declined?
Yes. FHA Streamline Refinances do not require a minimum loan-to-value, meaning you may qualify even if your home is underwater. This is one of the biggest advantages of FHA refinancing.
Can I refinance from a conventional loan into an FHA loan?
Absolutely. FHA Rate & Term Refinances allow homeowners to switch from conventional to FHA financing, often benefiting borrowers with lower credit scores, higher debt ratios, or limited documentation.
How soon can I refinance my FHA loan?
You must:
- Make at least 6 on-time payments
- Wait 210 days from your first FHA loan payment
Additionally, the refinance must provide a net tangible benefit, such as a lower payment or interest rate.
Can I get cash out with an FHA refinance?
Yes. FHA Cash-Out Refinances allow you to borrow up to 80% of your home’s value. Funds can be used for debt consolidation, home improvements, or other financial needs.
Does FHA refinance require mortgage insurance?
Yes. FHA refinances include:
- Upfront Mortgage Insurance Premium (1.75%)
- Monthly Mortgage Insurance Premium
Many homeowners use FHA refinancing as a short-term solution, then refinance into a conventional loan once they reach 20% equity.
How long does an FHA refinance take to close?
Many FHA refinances close within about a month, and FHA Streamline refinances often need less paperwork. Timelines vary with the appraisal, title and underwriting.
Is FHA refinancing only for borrowers with existing FHA loans?
No. While FHA Streamline Refinances are only for current FHA borrowers, FHA Rate & Term and Cash-Out refinances are available to homeowners with conventional loans as well.
Can I refinance if I’ve had a bankruptcy or foreclosure?
Yes, in many cases. FHA has more forgiving waiting periods than conventional loans, and your recent payment history matters more than past credit events.
* MortgagePros, LLC, NMLS ID 1925352, is licensed in 39 states; license types vary by state and are listed on our Licensing page. Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval and underwriting. Rates and terms are subject to change without notice. For licensing information, visit www.nmlsconsumeraccess.org. Licensed in AL · AR · AZ · CA · CO · CT · DE · FL · GA · IA · ID · IL · IN · KS · KY · LA · MA · MD · ME · MI · MN · MS · MT · NC · ND · NE · NJ · NM · OH · OK · OR · PA · SC · SD · TN · TX · VA · WA · WI. State license numbers are available upon request or at www.nmlsconsumeraccess.org.