🟩 1. FHA Streamline Refinance
Purpose:
Simplify refinancing for homeowners who already have an FHA loan — lowering their rate or switching from an ARM to a fixed rate with minimal paperwork and cost.
Key Features:
No income verification usually required
No appraisal required in most cases (uses the original home value)
Limited credit check — just to confirm good payment history
Must benefit financially (lower rate, lower payment, or move to a more stable loan)
Basic Rules:
You must already have an FHA-insured loan
No late payments in the past 12 months
At least 6 months must have passed since your current FHA loan was opened
The refinance must result in a “net tangible benefit” — meaning it improves your financial situation
Appraisal Waiver:
Most FHA Streamlines don’t require an appraisal at all — it’s based on the original value when the loan was made.
👉 So, the loan amount can’t exceed your current unpaid principal balance plus upfront MIP (mortgage insurance premium).
🟦 2. VA Streamline Refinance (IRRRL)
(IRRRL = Interest Rate Reduction Refinance Loan)
Purpose:
For veterans, service members, or eligible spouses who already have a VA loan, this program allows them to lower their rate quickly and cheaply.
Key Features:
No appraisal required (uses prior VA loan value)
No income or employment verification
Limited or no out-of-pocket costs (can roll costs into new loan)
No cash-out allowed — it’s only to reduce the rate or switch from ARM to fixed
Basic Rules:
Must have an existing VA-backed loan
Must show a net tangible benefit (like lowering monthly payment or rate)
Must be current on mortgage payments
Appraisal Waiver:
VA Streamlines typically waive the appraisal entirely, meaning your home value isn’t rechecked.
This makes the process much faster and easier.
🟨 3. The “90% Appraisal Waiver” Explained
This term often shows up when:
A lender chooses to order an appraisal, but wants to use an automated value system (AVM) or
When the lender uses an appraisal waiver (like through FHA/VA automated systems) up to 90% of the home’s current estimated value.
In practice:
It means the lender or agency allows the loan amount to be up to 90% of the home’s estimated value without a full appraisal.
It’s a type of limited-value check — often used when rates are being lowered and no cash-out is being taken.
It helps borrowers avoid delays and costs tied to a new appraisal.
Example:
If your home’s estimated value (per AVM or prior appraisal) is $400,000, a 90% waiver means your loan can go up to $360,000 without needing a new appraisal.
✅ Summary Com

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