A non-credit qualifying FHA Streamline Refinance Loan won’t affect your credit score very much because your new loan balance will be about the same size as your old loan balance. Since the FICO scoring model considers the age of your loans, you may lose a few points by replacing an older mortgage with a new mortgage. But the effect tends to be minimal, especially if you’ve had your current loan only a few years. The credit-qualifying Streamline Refinance will check your credit score which could temporarily lower your score a little.