Curious which loan type to use for your refinance? Use this chart to help you decide.

Curious which loan type to use for your refinance? Use this chart to help you decide.

Refinance Type	Use this loan to refinance if…	Credit Requirements	Upfront Mortgage Insurance	Monthly Mortgage Insurance
HARP 2.0	You currently have a loan held by Fannie Mae or Freddie Mac and you’re underwater.	Generally good credit with no more than 1 late mortgage payment in last 12 months.	None	None, unless you currently have monthly mortgage insurance.
Conventional Refinance	You have any loan type currently, and at least 20% equity in your home.	Generally good to excellent credit is required.	None	None, unless the new loan amount is more than 80% of the current value.
FHA Streamline	You have an FHA loan currently.	Can have less-than-perfect credit if your FHA mortgage is in good standing.	From 0.01% to 1.75% of the loan amount depending on closing date of previous FHA loan.	From 0.55% to 1.35% of the loan amount per year.
FHA Cash Out	You have any loan type currently, and have some equity in your home and want to take cash out for any purpose.	Can have less-than-perfect credit if your current mortgage is in good standing.	1.75%	Typically 1.35% of the loan amount per year.
VA Streamline	You have a VA loan currently.	Can have less-than-perfect credit if your VA mortgage is in good standing.	0.50% of the loan amount.	None
VA Cash Out	You are an eligible veteran, have any loan type currently, and want to take your home equity in cash for any purpose.	Can have less-than-perfect credit if your current mortgage is in good standing.	2.15% to 3.3% of your loan amount.	None
USDA Streamline	You have a USDA loan currently.	Can have less-than-perfect credit if your USDA loan is in good standing.	2.04% of the loan amount.	0.40% of the loan amount per year.
Reverse Mortgage	You are age 62 or older and want to eliminate monthly payments or receive cash.	No credit score requirement. You may be required to pay off collections and judgments.	0.5% or 2.5% depending on disbursements.	1.25% of the loan amount per year. Does not have to be paid out-of-pocket.