Want to refinance your FHA loan? Here are 4 options.

Refinancing an FHA loan can help homeowners achieve various financial goals beyond just lowering interest rates. Options include FHA Streamline, Simple, cash-out, and 203(k) loans, each with specific requirements. Homeowners may refinance to reduce monthly payments, fund renovations, switch loan types, or consolidate debt. Minimum credit scores typically start at 580, and closing costs range from 2% to 6% of the loan amount. FHA loans also require mortgage insurance, which includes an upfront payment and ongoing premiums.