Homeowners with an existing FHA mortgage may be eligible to refinance their FHA loan. Refinancing your loan could lower your rate, change your loan term or allow you to switch from an adjustable rate mortgage to a steady fixed rate loan. There are two types of FHA refinance loans.
FHA Streamline Refinance
This refinance provides the possibility to get better FHA mortgage terms at a lower price with little documentation. This is also referred to as an FHA-to-FHA refinance.
Benefits Of An FHA Streamline Refinance
- No income verification
- Low minimum credit scores
- No home appraisal required