The 10 Biggest FHA Refinance Lenders

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FHA loans aren’t just for purchasing a home – the government-backed program can also be used to refinance your existing mortgage. You don’t even need an FHA loan to take advantage of some of the refi options. However, current FHA mortgage holders do have a couple of exclusive opportunities, which we’ll cover later in this article.

If you’re interested in an FHA refinance but aren’t sure where to begin, you may want to start with a company that’s highly experienced in these types of loans. To provide some insight, we’ve compiled this list of the ten biggest FHA refinance lenders based on the number of refis they completed in 2023, the most recent data available.

Biggest FHA Refinance Lenders

Combined, these ten biggest refinance lenders handled a whopping 39% of all FHA refinances processed in 2023. The largest, Milend, completed more than 3,000 during the year. Village Capital, which took the #10 spot, closed an average of 3.2 FHA refi loans daily.

RankLenderFHA RefinancesMarket Share
1Milend3,0176.45%
2PennyMac2,4725.28%
3Rocket Mortgage2,2984.91%
4AmeriSave1,7523.75%
5American Financing1,7453.73%
6Newrez1,6683.57%
7United Wholesale Mortgage1,5433.30%
8EMM Loans1,3012.78%
9Royal United Mortgage1,2422.65%
10Village Capital1,1682.50%

Home Mortgage Disclosure Act (HMDA) data from the Consumer Finance Protection Bureau (CFPB), accessed via PolygonResearch.com HMDAVision, May 29, 2024.

1. Milend

Milend is a Georgia-based regional direct-to-consumer lender that has been in the mortgage business since 1995. According to the company’s website, it operates in 16 states, primarily throughout the South and along the East Coast.

Milend tops the list of biggest FHA refinance lenders with 3,017 closed loans – 6.45% of the FHA refi market – in 2023.

2. PennyMac

Founded in 2008, PennyMac is a nationwide mortgage lender operating in all 50 states. The company works both directly with consumers and through a network of independent brokers and financial institutions.

PennyMac takes the #2 spot with a total of 2,472 FHA refinances – 5.28% of the market. Looking for an FHA cash-out refinance? According to the company’s website, you’ll want a credit score of at least 620.

3. Rocket Mortgage 

Rocket Mortgage is a Michigan-based industry giant with roots dating back to 1985. It’s the second-largest overall lender in the country and the third-biggest for FHA refinances. Last year, the company completed 2,298 FHA refis nationwide.

Connecting with customers through its massive web presence, Rocket Mortgage emphasizes the use of AI and other modern technologies to optimize the lending experience.

4. AmeriSave

Since its founding in 2002, AmeriSave claims to have funded more than $130 billion in mortgages. It’s ranked as the fourth biggest FHA lender, closing 1,752 FHA refinances last year. 

AmeriSave is licensed to lend in every state except New York. The company’s website mentions that it requires a credit score of 600 for non-streamline FHA mortgages and does not charge an origination fee on government-backed loans.

5. American Financing

Colorado-based American Financing has been helping homeowners refinance their mortgages since 1999. Operating directly to consumers, the company currently serves all 50 states with an in-house team of more than 160 employees. In total, it closed 1,745 FHA refi loans in 2023.

According to the American Financing website, its team saved cash-out refinance borrowers an average of $854 per month through debt consolidation during the second half of 2023. For an FHA Cash-Out, the website recommends a minimum credit score of 600 and a maximum debt-to-income ratio of 43%.

6. Newrez

Formerly known as New Penn Financial, Newrez has been on the mortgage scene since its founding in 2008. A tech-focused lender, Newrez attracts customers through its website and a network of retail locations. It also works with independent mortgage brokers and financial institutions.

The company’s FHA refinance business earned it the #6 rank on the list of biggest FHA refi lenders, with a cumulative 1,668 loans closed last year.

7. United Wholesale Mortgage

United Wholesale Mortgage is a strictly wholesale lender that operates through an extensive nationwide network of mortgage brokers. While United Wholesale ranks #7 for FHA refinances, with 1,543, the company is the largest overall lender by volume in the country.

According to the United Wholesale Mortgage website, it can approve non-streamline FHA loans (both Rate & Term and Cash-Out refi) with a credit score of 580 and above through its lending partners.

8. EMM Loans

Licensed to operate in 37 states, New Jersey-based EMM Loans bills itself as a privately held independent mortgage provider. Working directly with borrowers, EMM currently lists 24 branch locations, primarily along the East Coast.

In business since 2002, EMM Loans completed 1,301 FHA refinances last year. According to its website, the company issued more than $1.4 billion in total mortgages in 2023.

9. Royal United Mortgage

Indiana-based Royal United Mortgage holds the #9 spot on the biggest FHA refi lenders list, with 1,242 loans completed last year. Lending since 2008, Royal United is currently licensed to operate in 33 states.

Royal United’s secret to success may well be its ability to attract top-notch employees – the company has been named one of the best places to work by the Indianapolis Star for 16 consecutive years.

10. Village Capital

Village Capital is a Nevada-based direct lender with six branch locations, according to the NMLS. Having been in the mortgage industry since 2003, Village Capital changed direction in 2011 and has since built its business around FHA Streamline refinances.

This focus has helped Village Capital develop expertise in Streamline refis and rank as the #10 biggest FHA refinance lender in 2023, with 2.50% of the total market – 1,168 refinance loans closed.

Types of FHA Refinances

Five separate refinance programs are available through the Federal Housing Administration: 

  • Three that allow borrowers to adjust their interest rate and the length of their loan 
  • One that lets homeowners withdraw equity as a lump sum of cash 
  • One designed for funding major home improvements and repairs

Streamline Refinance

The FHA Streamline refinance is only available to current FHA loan holders. This program allows you to refinance to more favorable loan terms without undergoing a detailed credit check, verifying your income, or ordering an appraisal. 

You can’t roll closing costs into a Streamline refi. Still, some lenders may offer to cover the expense in exchange for a slightly higher interest rate.

Simple Refinance

The Simple refinance is another option for FHA loan holders looking to refinance into more favorable terms. It requires a credit check and appraisal but lets you wrap your closing costs into the loan.

While a Simple refi could make sense in some situations, most eligible homeowners would be better off with the Streamline refinance.

Rate & Term Refinance

The FHA Rate & Term refinance program is open to homeowners with any type of mortgage. You’ll need to undergo the standard underwriting process, but there are few restrictions on the types of existing loans you can include.

Current FHA borrowers with a second mortgage or other lien may choose a Rate & Term refinance as it’s the only non-cash-out option that allows you to wrap in additional loans.

Cash-Out Refinance

The FHA Cash-Out refinance loan is open to all homeowners, regardless of their current mortgage. With a Cash-Out refinance, you can tap into your home’s equity and receive money back at closing.

There are no restrictions on how you can spend the funds, although common uses include paying for home improvements, consolidating auto loans or credit card debt, or purchasing a second home or investment property.

203(k) Rehab Refinance

If you plan to use your home’s equity to fund significant additions or improvements, you might be better off with an FHA 203(k) Rehab refinance loan instead of a Cash-Out.

In many cases, you may be able to borrow more money with a 203(k) because these Rehab refinance loans are based on your property’s “after-improved value,” not its current appraisal.

FHA Refinance Guidelines

If you already have an FHA loan and are applying for a Streamline refinance, you likely won’t need to worry about many lending requirements. That’s because Streamline refis don’t require a detailed credit check, income verification, or an appraisal.

However, all other borrowers must meet minimum FHA guidelines to qualify for a refinance loan. This will typically require:

  • Credit Score: The FHA requires a credit score of 500 if you have at least 10% equity or a score of 580 if you have less. Many lenders may have their own higher credit requirements.
  • Debt-to-Income Ratio: FHA refinance loans are available with a debt-to-income ratio as high as 50%. With favorable mitigating factors, some lenders may approve you with a DTI of up to 56.99%.
  • Loan-to-Value Ratio: For FHA Simple, Rate & Term, and 203(k) Rehab refinances, you can borrow up to 97.75% of your property’s current value. For FHA cash-out refinances, you can borrow up to 80%.

Ready to Get Started With an FHA Refinance?

The Federal Housing Administration offers several refinancing options to fit all different needs. From the quick-and-easy Streamline refinance to the 203(k) Rehab loan, there’s likely an FHA refi program that can help you meet your financing goals.

To find out which is the best FHA refinance for you, check today’s mortgage rates and apply with an experienced lender who can explain all of your different refi options.

Jonathan Davis - Author at Refi.com

Jonathan Davis

Jonathan Davis is a Florida-based writer with over a decade of experience helping consumers understand complex mortgage, real estate, and personal finance topics. Jonathan has previously worked in the real estate industry and holds a bachelor’s degree in finance from the University of Central Florida.