What are the pros and cons of buying a house using an FHA loan?

What is the difference between streamline refinance vs regular refinance on fha loan?

• My husband and I were recently married, we are in the process of trying to refinance our home. We wanted to know the pros/cons of streamline refinance. We are also wanting to add me to house loan to see if added income helps with rate? I am getting the impression they (wells fargo) is wanting us to do regular refinance. They said it is a standard 3800 no matter where we go or what we do. Any others know anything about either?

• Answer:

  The FHA Streamline refi option is available to those with existing FHA loans in good standing. The conditions are that you can refi for the existing loan balance only (no cash out) and the new loan payment must be lower than the current payment. It is "streamlined" because there is no requirement for a new appraisal and no LTV requirement. The closing costs can be paid in cash or folded into the new loan balance.