There are two primary types of FHA refinance programs: the cash-out refinance and the streamline refinance. You do not need an existing loan with the FHA to qualify for an FHA cash-out refinance. This type of refinancing allows a borrower to tap into their home’s equity to cover other costs. With an FHA streamline refinance, there’s no cash-out component. Borrowers with a current FHA mortgage simply replace their loan with a new loan. Streamline refinances are often used to access a lower interest rate or replace an adjustable-rate loan with a fixed-rate one.