How soon can I refinance an FHA loan?

You must meet these three “seasoning requirements” before you can refinance your FHA loan:nn- You must have made six payments on the FHA-insured mortgage being refinanced.n- Six months must have passed since the first payment due date of the FHA-insured mortgage being refinanced.n- The FHA-insured mortgage being refinanced must be 210 days past the closing date.nnThe term “seasoning” refers to how long you need to hold on to something – in this case, a mortgage . It’s a method to determine how soon you can refinance an FHA Loan.

Do I have to pay MIP again if I do an FHA Streamline?

When you refinance with an FHA Streamline, you’ll receive a refinance credit for your previous MIP payment toward your new upfront MIP payment. But, yes – you’ll have to pay MIP as long as you keep the mortgage.nnYou can escape paying mortgage insurance by later refinancing to a conventional mortgage, as long as you have at least 20% home equity.

Do FHA loans have prepayment penalties?

No, FHA loans don’t have prepayment penalties . Changes made in the wake of the 2008 recession prohibit prepayment penalties on FHA loans.

Refinance FHA Loan: How The Process Works