The FHA loan program offers three types of Refinance options. The first is a cash out refinance which allows a borrower to take out a new loan of up to 85% Maximum LTV to consolidate debts, convert equity to cash, or consolidate a Second Mortgage less than 12 months old into a single mortgage loan payment. The second type of refinance allows up to 97% LTV and can consolidate older debts including HELOC’s and Second Mortgages into a single note, that could create a lower mortgage payment. The last type of refinance is called a streamline refinance. The streamline refinance takes an existing FHA loan and creates a new FHA loan to reduce either the repayment terms or the monthly payment. Under a streamline loan, a borrower does not have to qualify for the loan provided the monthly payment is not increasing and the loan reduces the monthly mortgage payment by at least $50.00 per month. In this situation, the streamline loan does not require an appraisal of the home. Further, closing costs associated with a streamline refinance are typically much lower than those experienced with a traditional refinance. To learn more give us a call at 1-954-667-9110 or just use our Full Application.