VA Approved Lender | Grove Mortgage LLC | NMLS License # 396191
Providing home mortgage loans in San Antonio and throughout Texas.
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San Antonio FHA Streamline Refinance

Streamline Refinance for Texas FHA Mortgages

Do You have a FHA Loan and Want to Reduce Your Monthly Payments each month? 

An FHA Streamline Refinance may be the choice for you!

FHA Streamline Refinance Loan

With an FHA loan, you can finance up to 97.75% of the home value to reduce your current rate or current mortgage term – which is a higher percentage than a conventional loan. FHA loans are often more flexible than other programs – extending funds to people who have had credit challenges and offering competitive rates for people who want to take cash out.

  • Refinance into a lower rate and payment
  • Convert you FHA ARM into a fixed rate
  • Convert you 203(k) rehab loan into a 203(b) FHA loan
  • Shorten you loan term

What is an FHA Streamline Refinance Program?

The Federal Housing Administration has allowed FHA streamline refinances on federally insured mortgages since the early 80’s. Given that, many FHA homeowners have utilized this program to lower their interest rate with relatively low or no costs. The FHA Streamline Refinance Program has made it easy for borrowers to save thousands of dollars on their mortgage interest. The term “streamline” simply means there is very little documentation and underwriting that needs to be performed by the lender. No appraisal & no income verification required.

See the documents needed for a FHA Streamline Refinance Home Loan.

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FHA Streamline Refinances have many advantages

  • FHA Streamlines don’t require an appraisal.
  • FHA Streamlines don’t require proof of income or assets
  • FHA loans never carry a pre-payment penalty
  • Owe more on your loan than the house is worth? No problem, you can still refinance.
  • FHA Streamline Refinance allows you to skip your next month’s mortgage payment!
  • Very limited documentation to help you qualify

Criteria for Qualifying

  • You have to live in the house you are refinancing.
  • You can’t have made more than two, 30-day late payments on your FHA mortgage in the past 12 months.
  • You have not completed an FHA Streamline Refinance in the past 6 months.

With or Without an Appraisal?

Many people choose a FHA Streamline Refinance because they can refinance with no out-of-pocket costs. This is offered in two ways: the costs can be covered by the lender in exchange for a slightly higher interest rate, or the costs can be included in the new loan if the property has sufficient equity.

FHA Streamline Without Appraisal

If you do an FHA Streamline Refinance without an appraisal you are not able to roll your closing costs into the loan. Hence, you will need to be prepared to pay your closing costs out of pocket

FHA Streamline with Appraisal

The advantage of doing an FHA Streamline Refinance with an appraisal is that you are able to roll your closing costs into the loan. You are only required to have an appraisal if your new loan amount exceeds your original loan amount by 1.5 percent.

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Documentation for a FHA Streamline Refinance

  • Driver’s license/SS card 
  • HUD-1 Closing statement 
  • Deed of Trust
  • Mortgage statement
  • Mortgage Note 
  • Insurance information

Why do a FHA Streamline Refinance in San Antonio?

The two main reasons are 1) to reduce your interest rate or 2) to change loan programs, such as from a 30 year term to 15, or from an adjustable rate to fixed.  This is of course a No-Cash-Out refinance; however we do offer the full FHA refinance to get Cash Out(though this will require an appraisal, and full qualification). By the way, the amount of times you may Streamline Refinance is unlimited.

Why choose Grove Mortgage for your San Antonio home loan?

We are located in San Antonio, Texas and are Licensed Mortgage Broker and a VA Approved lender and have been specializing in VA Loans throughout Texas since 2002.

We can help you accomplish your home purchase or home refinance with expert service, fast closing and very low fees.

To speak with a home loan specialist call
210-656-1134 or
Apply Online Now!

Find out how much you qualify for with No Cost, No Credit Check, and No Obligation!

We are located in San Antonio, Texas and are Licensed Mortgage Broker and a VA Approved lender and proudly boasts an A+ rating from the Better Business Bureau. Better Business Bureau

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