FHA (Federal Housing Administration) is a US government agency. Main tasks of FHA are to stabilize the mortgage market and to provide an adequate home financing system.
FHA provides several options to homeowners who are interesting in FHA refinance mortgage.
CASH OUT REFINANCING - dedicated for homeowners whose property value has rised since it was purchased.
With this option homeowner is allowed to access the equity, built up in property, and use it.
STREAMLINED REFINANCING BASICS - this option allows to reduce the interest rate on current home loan.