Types of FHA Refinance
The Federal Housing Administration (FHA) offers mortgages insured by the federal government. They are easier to get approved for because you can qualify if your credit score is less than 750. They offer flexible loan terms such as low loan down payment, low closing costs, and low-interest rates, making them very popular among homeowners. The FHA offers several great refinancing options as well, even if you were not previously an FHA borrower. Each has different features and requirements.
A Streamline Refinance is a quicker and easier option available for existing FHA borrowers. This option provides lower credit and underwriting requirements, no income or employment verification, no appraisal, and no closing costs.
Simple Refinance is also for exiting FHA borrowers that takes into account the closing cost in the loan amount.