Conventional Refinances
VA Streamline (IRRRL) Refinances
FHA Streamline Refinances
USDA Streamline Refinances
Government backed
No
Yes
Yes
Yes
Eligible loans
All loans
VA loans only
FHA loans only
USDA loans only
Property type
Primary homes, vacation homes, and more
Primary homes only
Primary homes only
Primary homes only
Get cash out?
Yes
No
No
No
Application
More paperwork
Less paperwork
Less paperwork
Less paperwork
Minimum credit score
Often higher
Often lower
Often lower
Often higher
Funding fee
No
Yes
No
No
Mortgage insurance
Yes with home equity less than 20%
No
Yes
Yes
Closing costs
Yes
Yes
Yes
Yes
Days it takes to close
More than 30 days
Less than 30 days
Less than 30 days
Less than 30 days