A conventional refinance can be done from various types of purchase loans, including an  FHA or VA loan. It provides broader options for rate and term refinances or cash-out refinances. However it also requires more documentation, more time, and a higher credit score for approval. The FHA Streamline refinance is only available to those who currently have an FHA loan. The same is true for the VA IRRRL only being available to those with a VA loan.  Because these both use a streamlined process, they make lowering your interest rate and monthly payments fast and simple. Simplicity comes with fewer qualification requirements but also fewer refinance options.