Yes, you can refinance your FHA loan to either reduce your interest rate or change your loan term. There are two primary refinance options for FHA borrowers: the FHA Streamline Refinance and the FHA Cash-Out Refinance. The Streamline Refinance is designed for borrowers who want to lower their ...
Additionally, because there is no credit scoring requirement and limiteddocumentationrequirements, most borrowers can qualify for an FHA streamline refinance quite effortlessly, even if they don’t have adequate income, assets, or employment. These are known as “non-credit qualifying” streamline refis...
FHA streamline:The FHA streamline refinance program is for those who already have an existing FHA mortgage. You must also be current on your mortgage, which means you're up-to-date on all your payments. Finally, there must be a "net tangible benefit" to refinancing, which is another way ...
As noted earlier, these are just FHA guidelines – individual banks and mortgage lenders will likely have higher minimum credit score requirements, so don’t be surprised if your 580 FICO score isn’t sufficient (at least one lender nowgoes as low as 500). Can I get an FHA loan with no...