Streamline

• FHA's streamline refinance process involves minimal qualifying considerations. It requires no employment verification, credit check or debt ratio considerations. It also has the most lenient seasoning requirement of FHA's refinance programs. Only FHA-insured loans qualify for a streamline refinance.
  
  According to Mortgagee Letter 2009-32, issued by HUD, a borrower must have made at least six payments on the FHA loan. Borrowers with between six and 12 months seasoning must have made all payments on time, that is, within the month due at the time of application.
  
  

No Cash Out

• No cash out FHA refinances, also known as rate and term transactions, require full documentation of the homeowner's qualifying criteria. The homeowner need not have purchased the home with an FHA loan -- they may refinance a nonFHA-insured, or conventional, loan through FHA.
  
  A no cash out refinance can be done with less than 12 months seasoning, that is, less than one year since purchase. The underwriter must, however, consider the home's original acquisition cost when underwriting the refinance application, according to FHA Outreach.
  
  

Cash Out

• An FHA cash out refinance allows borrowers to access equity in their home. Because this results in a higher loan amount and often a higher payment, qualifying guidelines, including seasoning, are stringent.
  
  According to FHA Outreach, the homeowner must wait 12 months before applying for a cash out refinance. He must demonstrate all 12 payments have been made within the month due.
  
  

Considerations

• An additional caveat applies for manufactured home owners. According to FHA Outreach, the home must have been permanently erected on a site for at least 12 months prior to the application date for any of the FHA refinancing options.