If a home is purchased with an FHA owner occupied loan, which refinancing option can be used?

When a home is purchased with an FHA owner-occupied loan, the correct refinancing option is the Streamline refinance. This program is specifically designed for FHA-insured loans to help homeowners reduce their monthly mortgage payments with minimal documentation and a simplified process.

The Streamline refinance allows borrowers to refinance their existing FHA loan into a new FHA loan without needing to provide extensive financial information, such as income verification or credit checks, as long as they can demonstrate that the new loan will benefit them financially. This can also include the ability to refinance without the need for an appraisal in many cases, which further simplifies the process.

Other options, such as IRRRL, pertain to specific types of VA loans, while FNHMA and USFA do not represent recognized refinancing options for FHA loans. Thus, the Streamline refinance is the most applicable choice for homeowners looking to refinance an existing FHA loan while remaining owner-occupied.