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 and FHA Cash Out.
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