San Diego FHA Streamline Refinance Home Loan - Rates, Limits & Details (2024 Update)

(Please note - these numbers below have been updated for 2023 and are specifically for San Diego however we can do loans throughout California. We do our best to make sure everything is correct at the time you are reading it.)

In this post I break down the ins and outs of the FHA Streamline Refinance Home Loan in San Diego.

This mortgage loan is great for anyone that has an FHA loan now, have had that loan for a minimum of 6+ months, and want to lower their interest rate, and have lower monthly payments. 

In this post I cover:

Here's the main points and highlights of the program... 

(Please keep in mind I am approved with 40 +/- wholesale lenders in the state of California and each lender will have different loan requirements. Things like credit scores, months reserves, DTI's, etc can vary from lender to lender and the below are used for examples.)

  • It goes without saying that in order to do an FHA streamline refinance - you need to currently have an FHA mortgage.

  • At least 210 days have past from the closing date of your past mortgage to your new one (to be technical - 210 days from the closing of your past mortgage till we submit and get a new FHA case number at your loan application)

  • Have made at least 6 consecutive payments on your current mortgage

  • One mortgage late in the last 12 months is allowed - and, you must have been on time with mortgage payments for 3 consecutive months

  • There must be a net tangible benefit of at least 0.5% - simplified, let's say your current rate is 4.75%. Your new rate must be 4.25% or lower to meet this criteria. (However, if you have an FHA mortgage from December 2014 or older - your MIP is at 1.35% - and now it is at 0.85% - so, you *really* should be doing a streamline refinance.)

  • Employment verification is not required

  • Income verification is not required

  • Appraisals are not required (we use the value of your purchase or most recent appraisal).

Here's 5 of the most common questions I get (and how I answer them)... 

(Please keep in mind your personal situation might be different and these are used as examples only).

→ Question #1: Can I do, or have done, the FHA streamline refinance more than once?

Yes, there's no maximum number of times you can do it, as long as you meet the criteria, previously mentioned.

→ Question #2: How can closing costs be paid?

We can either do a lender rebate to cover costs (known as a no cost loan), you can pay them out of pocket, or a combination of them both.

→ Question #3: Can I financed my closing costs into my loan?

No, you can do a no cost loan, pay costs out of pocket, or a combination of both. But, we can't put the closing costs into your loan amount itself.

→ Question #4: What if my income has dropped, lost a job, or work part time

Employment and Income is not verified - so, while I feel your pain work wise - loan wise, you are fine.

→ Question #5: Does credit score really not matter?

Technically you read everywhere where a credit score does not matter - that's not true. It does. The higher your credit score the lower your possible rate.

Here's 5 secrets of this loan (or mis conceptions)  you might not be aware of... 

(Please keep in mind your personal situation might be different and these are used as examples only).

→ Secret #1: You can miss one (or maybe 2) mortgage payments

We can structure this where you can miss 2 mortgage payments (For instance - lets say you make February payment. We close March 15th. You did not make March 1 payment, and you skip April 1 payment, and new payment is May 1.)

→ Secret #2: You can get whats in your current escrow impound account refunded back. 

You get refunded back, within about 20 days, what's in your current escrow impound account, from pre paying your property taxes, and home owners insurance, previously.

→ Secret #3: You do not need (or pay for) an appraisal

You do not need to pay for an appraisal (don't need one). 

→ Secret #4: Limited paperwork needed

Generally speaking all we will need from you supporting document wise is: copy of Drivers license, last 2 months bank statements, latest mortgage statement, copy of homeowners, latest HOA statement (if applicable). 

→ Secret #5: You get refunded back a portion of your past UFMIP

There's a misnomer that you want to wait on this loan to refinance, thats not true. As soon as you are able to, you want to, as you will get back a portion of your previous UFMIP that you paid. The faster you refi, the larger % you get back. 

Basic documentation needed from you (or you and co borrower) to begin... 

(Please keep in mind these are the basic documents we will probably need. Depending on your personal situation we may need more or less and will advise accordingly). 

  • Copy of your drivers license (screen shot is fine)

  • Copy of your social security card (screen shot is fine)

  • Last 2 months bank statements - all pages (You just log into wherever you have a bank acount online and save the last 2 months via PDF.)

  • Latest mortgage statement (Please be PDF)

  • Latest HOA statement (Please be PDF)

  • Copy of homeowners insurance (Please be PDF)  

Here's how to get started right now... 

  1. Fill out my online application at Scotts Loan If it's just you - then you fill it out just for yourself. If you are married - it's you and your spouse (regardless if they work or not, their income, their credit, etc.) If its you and a co borrower - then you both fill it out.

  2. Once done, I will pull a mortgage only credit report, which simply verifies your credit score, and that you have made your mortgage payments only.

  3. From you document wise will need a copy of your drivers license, latest 2 bank statements, latest mortgage statement, and a copy of your home owners insurance information - that's usually it! 

  4. If a FHA Streamline Loan doesn't work for whatever reason we can see if there's other loan programs better suited for your needs. 

I would love to help assist you with your fha streamline loan - please feel free to give me a call, text, or use the form below. 

Your FHA Streamline Loan Insider,


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