There are two FHA refinance loan programs – the FHA streamline refinance and the FHA cash out refinance. The FHA streamline refinance program refinances a mortgage to a lower rate, but it does not allow for extra cash to the borrower. The FHA cash out loan program provides extra cash to the borrower. Essentially, you get a loan with a bigger balance than what you currently owe, and the excess funds become cash you can use for any purpose. The FHA cash out loan requires more documentation than an FHA streamline loan because the cash out program carries more risk for the lender.