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The FHA does allow refinancing on an FHA loan. There are some FHA loan requirements, as always. Your FHA lender can tell you more about the refinancing process and what you will need to move forward with refinancing.

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What About Refinancing an FHA Loan?

FHA Common Question #29

Good news! The FHA does allow refinancing on an FHA loan. There are some FHA loan requirements, as always. These include FHA guidelines on the reasons for the refinancing, which must result in lower interest payments and principal on the FHA loan. Additionally, you are not allowed to take out cash on mortgages using the FHA's "streamline refinancing" process.

Remember that any amount to be refinanced must already be insured by the FHA in order to qualify. As part of the streamline process, lenders are permitted to include the closing costs into the new mortgage, as long as there is enough equity in the property. An appraisal may be required in order to properly determine the amount of equity on your home.

Your FHA lender can tell you more about the refinancing process and what you will need to move forward with refinancing.

NEXT:  Are There Advantages of FHA Refinancing?

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