FHA Home Refinance LoansRefinancing your home with an FHA loan is a great option for borrowers that have fair to good credit because, generally, FHA approvals are less strict than conventional loans.
Here are some basic requirements for refinancing your loan through the FHA.
- The mortgage that is to be refinanced must ultimately be insured through the FHA.
- The current mortgage must be current and not delinquent.
- The results of the refinance must lower the monthly principal and interest payments for the borrower.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.