To refinance you generally need enough equity for the loan type, a credit score usually 620+, verifiable income, a workable debt-to-income ratio, and a home that appraises to support the loan.
Core requirements
Every refinance is a new loan, so lenders re-verify income, credit, and DTI, and usually order an appraisal. The equity you need depends on the type: a rate-and-term refinance can go to higher LTV, while cash-out caps near 80%.
Program flexibility
Options exist across the credit spectrum — conventional, FHA (including streamlines), and VA (IRRRL). Self-employed borrowers can refinance with bank-statement programs. We match your goal to the right program.
| Requirement | Typical |
|---|---|
| Credit | ~620+ (varies by program) |
| Equity | Depends on refi type |
| Income | Verifiable; DTI reviewed |
| Appraisal | Usually required |
Frequently asked questions
How much equity do I need to refinance?
It depends on the type — rate-and-term can allow higher LTV, while cash-out typically caps near 80%. Streamline options may skip the appraisal.
Can I refinance with average credit?
Often yes. FHA and other programs are flexible; better credit simply unlocks better pricing.
Do I always need an appraisal?
Usually, but some streamline refinances (FHA/VA) may waive it. We’ll tell you which applies.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.