FHA Home Loan Refinance Options

Homeowners with an existing mortgage may be eligible to refinance into an 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 three types of FHA refinance loans, FHA Rate/Term Refinance,  FHA Streamline and FHA Cash Out.

Refinance Your Mortgage into an FHA Mortgage

You can refinance any mortgage into an FHA mortgage to lower your rate, payment or reduce your term. Benefits include:

  • Low minimum credit scores
  • Flexible credit guidelines
  • Higher loan-to-value ratios allowed

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

Basic Requirements For Eligibility

  • Your mortgage must be current when you apply
  • You must have made your last six months’ payments within 30 days of the due date
  • You cannot have been more than 30 days late more than once during the past year
  • Your loan must be at least 210 days old

FHA Cash Out Refinance

The greatest benefit of an FHA cash out refinance is to access your home’s equity in cash. These funds can be used for any purpose like:

  • Home improvements
  • Education or tuition
  • Consolidating debt
  • And more

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