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There are a variety of FHA Refinance programs that let borrowers reduce the interest rate on their current mortgages.

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FHA Refinance Loans

There are a number of reasons that homeowners decide to refinance their homes. You might want to take advantage of low interest rates to decrease your monthly mortgage payments. Or it might be you simply want to put your home equity to work by making upgrades. Whatever the reason, there's likely to be a suitable FHA Refinance option available that works with your goals.

FHA Streamline Refinance

The FHA offers a "streamlined" refinancing option that allows current FHA borrowers to reduce the interest rate on their home loans quickly and oftentimes without an appraisal. FHA Streamline Refinances cut down on the amount of paperwork that must be completed by lenders saving valuable time and money.

FHA Cash-Out Refinance

A cash-out refinance lets existing homeowners to use the equity they've already accumulated on their home. To be eligible for an FHA Cash-Out Refinance, FHA borrowers must have at least 20% equity in the property based on a new appraisal.

FHA Simple Refinance

A Simple Refinance allows a homeowner lower the interest rate on their current FHA loan, whether it's a fixed-rate loan or an ARM. The refinance is straightforward, requiring a credit qualification, income, and assets to ensure the borrower meets the new loan requirements.

FHA Rehab Loans

The FHA 203(k) loan lets you refinance your home and use the cash funds to make repairs and upgrades to it, or to "rehabilitate" it. The FHA's Rehabilitation Loan can also be used to finance the purchase of an older, "fixer-upper" house at a low price.

Reverse Mortgage

The FHA's Home Equity Conversion Mortgage, commonly known as a reverse mortgage, is for homeowners above the age of 62 who are looking to use some of the equity they've amassed on their home. This loan is not repaid until the home is sold or the borrower dies.

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FHA Loan Articles

Is it the Right Time for an FHA Refinance?

With historically low interest rates, the mortgage industry has seen a sharp uptick in refinances. Taking advantage of the current market might be in your best interest and could lower your monthly payment significantly. Don’t forget that refinancing a mortgage comes with closing costs.

FHA Programs for Fixer-Upper Homes

The fact is that repairs and renovations to your home cost a lot of money. Luckily, the FHA has an option for those with fixer-uppers on their hands. The FHA 203(k) Rehabilitation Mortgages allows borrowers to finance the funds for renovations to a home.

Streamline Your FHA Loan Refinance

With the trend of falling interest rates since 2019, the number of mortgage refinances around the country has spiked and continues to rise. Borrowers with FHA loans can also capitalize on the low rates, but it may be possible to simplify the process with the FHA Streamline Refinance.

Do I Need an FHA Refinance?

Borrowers can choose to refinance for several reasons, but it comes down to prioritizing different benefits. One homeowner may want the lowest possible monthly payment, while another might want the shortest possible term for their loan.

What Homebuyers Should Know About Appraisals

A key step in the mortgage process is the home appraisal. In the case of home purchase or refinance, this is a task that is almost always required by the lender, and it is important that potential homebuyers understand what, how, and why of a home appraisal.  

Homeowner's Insurance - Why Do We Need It?

When buying a home, you have a list of things you need to do. Get pre-approved, arrange for a home inspection, and a few other tasks. One important thing on that list is shopping for homeowner’s insurance.

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