Is Refinancing Available for FHA, VA, Jumbo, or USDA Loans?
Yes. Refinancing is available for all of these types of loans. For example, you can refinance your FHA loan without a minimum credit score, and still potentially gain benefits and save money by doing so.
Qualifying borrowers can apply for a VA refinancing program, known as the Interest Rate Reduction Refinance Loan (IRRRL), which also does not require a minimum credit score.
The USDA has a similar program which does not even require a credit score report.
Jumbo loans also can be refinanced, but under different circumstances than the government-backed loan programs. Jumbo loans generally require a higher credit score, including a minimum score of 660, as well as a minimum DTI rate of 43%. The overall requirements for refinancing a jumbo loan are generally higher than for conforming loans with comparable rates.
Note that you can also refinance these loans into conventional loans, though the rates and loan terms available in each case will vary.
- What Does It Mean to Refinance a Mortgage?
- How Does My Credit Score Affect Refinancing?
- How Much Equity Do I Need to Have Before Refinancing?
- How Do I Refinance My Mortgage?
- How Do I Know If I Am Eligible to Refinance My Mortgage?
- What Are Some of the Benefits of Refinancing?
- When Should I Refinance My Mortgage?
- What Are the Disadvantages of Mortgage Refinancing through a Third-Party Mortgage Broker?
- Will Refinancing Lower My PMI?
- What Are the Costs and Fees of Refinancing?
- Should I Refinance If I Only Plan on Living in My Home for a Few More Years?