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FHA loan basics

Every guide on FHA Refinance Options in reading order, with the calculators, the loan finder and the key terms in one place.

  • Reading time3 min
  • Official sources4 cited
  • Updated

5 guides, read top to bottom, take you from FHA Refinance Options Compared to FHA Refinance Glossary: Terms You Will See.

Read in this order

  1. FHA Refinance Options ComparedUnder 2 min min read

    Streamline, rate-and-term and cash-out: the three main FHA refinance paths and who each one fits.

    • For borrowers who already have an FHA loan.
    • Available from FHA or non-FHA loans.
  2. Removing FHA Mortgage InsuranceUnder 2 min min read

    Ways homeowners can stop paying FHA MIP.

    • For FHA loans with case numbers assigned on or after June 3, 2013, annual MIP lasts 11 years if the original loan-to-value was 90 percent or less, and for the life of the loan otherwise (HUD Mortgagee Letter 2013-04, carried…
    • With enough equity, refinancing to a conventional loan can eliminate mortgage insurance.
  3. FHA Rate-and-Term Refinance: The Full-Underwriting OptionUnder 2 min min read

    How a credit-qualifying FHA rate-and-term refinance differs from a streamline, and when it is the right tool.

    • A rate-and-term refinance replaces your current loan with a new FHA loan, without taking significant cash out.
    • It can suit borrowers with a non-FHA loan who want FHA financing, borrowers who need to remove a co-borrower, or those whose streamline options are limited.
  4. FHA to Conventional: Ending Mortgage Insurance by RefinancingUnder 2 min min read

    When moving from FHA to a conventional loan can end mortgage insurance, and what to weigh.

    • For many FHA loans with case numbers assigned since June 2013, annual MIP lasts for the life of the loan when the original loan-to-value exceeded 90 percent.
    • Conventional loans at or below 80 percent loan-to-value do not need private mortgage insurance.
  5. FHA Refinance Glossary: Terms You Will SeeUnder 2 min min read

    Plain-language definitions of the terms that come up most often in FHA refinance paperwork.

    • The upfront mortgage insurance premium is charged at closing and is usually financed.
    • A streamline refinance usually reduces documentation and may not require an appraisal, but limits cash to the borrower.

Run your own numbers

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The loan finder asks six questions and points you to the programs worth reading about, with a side-by-side comparison table. It is education, not an eligibility decision.

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When you are ready to compare offers, print the questions to ask a lender worksheet and fill in one column per lender.

Terms you will meet in these guides

  • FHAfirst in Removing FHA Mortgage Insurance
  • MIPfirst in Removing FHA Mortgage Insurance
  • Loan-to-value (LTV)first in Removing FHA Mortgage Insurance
  • Servicerfirst in Removing FHA Mortgage Insurance
  • Appraisalfirst in FHA Rate-and-Term Refinance: The Full-Underwriting Option
  • Net tangible benefitfirst in FHA Rate-and-Term Refinance: The Full-Underwriting Option
  • Loan Estimatefirst in FHA Rate-and-Term Refinance: The Full-Underwriting Option
  • Streamline refinancefirst in FHA Refinance Glossary: Terms You Will See

Everything here is general education. Program rules change; confirm current requirements with the official sources below and with a licensed lender.

Sources

Sources reviewed . This page was assembled from the guides on this site.