Did You Know?

FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

Get an FHA Refinance Loan
Get an FHA Purchase Loan
Get an FHA Refinance Loan
Get an FHA Purchase Loan
Click to Start Your Refinance or Purchase Loan

Refinancing With Various FHA Loan Options

Refinancing With Various FHA Loan Options
FHA refinance loans are mortgage loans insured by the Federal Housing Administration (FHA) that allow homeowners with existing FHA loans to refinance their mortgages. These loans are designed to help borrowers take advantage of lower interest rates, reduce their monthly mortgage payments, or access equity in their homes for various purposes.

Here are some common types of FHA refinance loans:

FHA Streamline Refinance
This program is available to homeowners with existing FHA loans and is designed to make the refinancing process faster and easier. Streamline refinances typically do not require a credit check or a full appraisal, which can save time and money. Borrowers can refinance to a lower interest rate and reduce their monthly payments.

FHA Cash-Out Refinance
With a cash-out refinance, borrowers can refinance their existing FHA loan and take out additional cash from the equity in their home. This additional cash can be used for various purposes, such as home improvements, debt consolidation, or other financial needs.

FHA Rate-and-Term Refinance
This type of refinance allows borrowers to change the terms of their existing FHA loan, such as switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or vice versa. It can also be used to shorten or extend the loan term.

FHA 203(k) Rehabilitation Loan
While not strictly a refinance loan, the FHA 203(k) program allows borrowers to purchase or refinance a home and include the cost of necessary repairs and renovations in the loan. This can be a useful option for those looking to improve their existing home through refinancing. These are often referred to as FHA rehab loans.

It's important to note that FHA refinance loans come with certain eligibility requirements and guidelines, including credit score minimums, loan-to-value ratios, and occupancy requirements. Borrowers should also be aware of FHA mortgage insurance premiums, which are typically required for the life of the loan.

Speak with an FHA-approved lender to determine if you qualify and to understand the specific terms and benefits of the program. Your financial situation and goals are unique parts of the qualification and approval process. Additionally, the terms and guidelines for FHA loans may change over time, so it's essential to stay informed about current FHA loan requirements and regulations.


Disclosures Give Transparency to Borrowers
Understanding the Purpose of Your Mortgage Down Payment
Putting Money Into Your Escrow Account
See Your Credit Scores From All 3 Bureaus
See Your Credit Scores From All 3 Bureaus

FHA Loan Articles

When not to Consider Refinancing a Home

There are plenty of reasons to delay plans to refinance a home. One reason has made big headlines. When borrowers face higher interest rates than originally approved for, that is a good reason to wait to refinance.

How FHA Construction Loan Draw Disbursements Work

When you are approved for an FHA One-Time Close Construction loan, you get a single loan that pays for both the costs to build the house, and serves as the mortgage. One application, one approval process, and one closing date.

Mortgage Rate Predictions for 2024

In the last days of November 2023, mortgage loan rates flirted with the 8% range but have since backed away, showing small but continued improvement. What does this mean for house hunters considering their options to become homeowners soon?

Is It Cheaper to Buy a Home With an FHA Loan or to Rent?

In May 2023, USA Today published some facts and figures about the state of the housing market in America. If you are weighing your options for an FHA mortgage and trying to decide if it’s cheaper to buy or rent, your zip code may have a lot to do with the answers you get.

Why Do FHA Loans Have Borrowing Limits?

FHA loan limits serve as a crucial mechanism to balance financial sustainability, regional variations in housing costs, and the agency's mission to promote homeownership, particularly for those with limited financial resources.

FHALoan.com is not a government agency. We do not offer or have any affiliation with loan modification, foreclosure prevention, payday loan, or short term loan services. Neither FHALoan.com nor its advertisers charge a fee or require anything other than a submission of qualifying information for comparison shopping ads. We do not ask users to surrender or transfer title. We do not ask users to bypass their lender. We encourage users to contact their lawyers, credit counselors, lenders, and housing counselors.

SecureRights Advertiser Contact Information