Refinance with an FHA option.
Yes, you can use an FHA loan to refinance your current FHA loan. It’s called an FHA streamline refinance loan. The streamlined process with minimal required documentation makes this product extremely attractive.*
An FHA loan can be very affordable. Lower up-front and annual insurance premiums required by the FHA could mean lower payments.
*Full documentation/credit qualifying may be required in certain situations when removing existing borrowers.
Pros:
- A minimal credit check is required.
- A minimal employment verification is required.
- No appraisal is required.
Cons:
- Mortgage insurance is required.
- Mortgage insurance could be higher than the current rate.
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