Lower Your FHA Mortgage Rate: Get a Refi Quote
Refinance your FHA mortgage and reduce monthly payments with competitive rates and low fees
- 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 22, 2026): 7.02%
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
Depending on your current rate, balance, term and closing costs, refinancing may lower your monthly payment.
Cash-Out Refi
Access your home equity for renovations, debt consolidation, or emergencies
Current FHA Owner?
You may qualify for refi even if your credit has changed – we specialize in existing 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.
What Makes MortgagePros Different?
01
FHA Specialists
Our team specializes in FHA refinancing. We understand rate locks, loan term changes, and cash-out refi options. We navigate refinancing complexity.
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.
READY TO GET STARTED? Let’s discuss your FHA loan options today.
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 · 5,433 reviews
This was the first time I worked with Mortgage Pros. They were there to lead me through the process of a refinance. Always answering my phone calls and putting up with my rants and reassuring me that we will get this done. Lamonte was wonderful! His team answered every question, they know what they are doing and do it with respect and kindness! Thank you Lamonte and his team for everything!!
A huge thank you to Zeiad Tuaimeh with Mortgage pros for working with me on my loan. Zeiad was extremely helpful with explaining every step of the way and was very patient with me as I kept calling him with lots of questions. Zeiad could not have been any nicer and stayed in contact with me just to check in on how I was doing and giving me updates on the process. Thank you Zeiad, and I will be talking to you again in 6 months. Sincerely appreciate you and your help!! Jim Cairel
Brandon Baker Was very helpful on getting us through This whole deal Walk through step-by-step on what to look for and what to do And he eased our minds every step of the way He made it a lot easier and not so complicated
My agent is Jerrill Clubbs He has been a truly a blessing and punctual every day he calls me and gave me updates and took care of any situation that it came up and I think him and his team for all their efforts of getting this deal closed
Jerrill and Jovan did a great job all along the process. They kept me updated and strove to make sure I was comfortable in a process that is sometimes very stressful.
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.