Refinancing FHA mortgage

[Devonte Blackmon]

I purchased my first home last year with a FHA loan. When can I refinance it? If I refinance it will it no longer be a fha loan? During a refinance do you have to pay closing cost? This is my first property, 24y/o so i have no clue how refinancing goes. Thanks

[Elaine Capobianco]

If you want to stay with an FHA loan, you can refinance as an FHA Streamline. If you keep it as an FHA you cant roll your closing costs into the loan amount, you would have to pay out of pocket for them but you wouldn't need as much documentation as your first loan, or need an appraisal. If you try as a conventional Refinance, you can roll your closing costs into your loan amount so you don't have to come out of pocket for the closing costs and would need an appraisal. Let me know if you need more information.