FHA Refinancing is a better option if you have a fair to good credit rating because, generally, FHA standards are less strict. Even if you likely will not qualify for conventional refinancing because of your income level, a FHA Refinance may still be an option for you.

Refinancing is a better option if you have a fair to good credit rating, because generally, FHA standards are less strict. While you likely will not qualify for conventional refinancing, an FHA Refinance is a good option regardless of your income.

Already have an FHA mortgage, then find out if you qualify for a FHA Streamline Refinance.  The mortgage that is to be refinanced must ultimately be insured through the FHA. The current mortgage must be current and not delinquent. No cash may be taken out on mortgages refinanced using the streamline refinance process. One Streamline Refinancing option you have is one that includes the closing costs into the new mortgage amount. This of course is only available if enough equity is in the home after it is appraised. The streamline refinance can occur without an appraisal but the new loan will not be able to exceed the original loan amount. If you are not living in the property (i.e., it is an investment property), the refinance can only occur without an appraisal.