So after hearing an on the Radio about FHA loans being able to be refinanced with no appraisal, inspections/up front or closing costs, I decided to call one of these places up. Currently I can get a 6% rate, (my rate now is 7.875%) which would save me about $90 a month on my payment, and thousands of dollars over the life of the loan. A coworker of mine said she got an FHA Refi of 5.5% and was able to get a 25 year note for only $180 in closing costs which would be recouped in montly savings after only 2 months. My question is this, are FHA's really this good? Seems to be way to easy to do since they dont bury you do death in needing to do 10,000 different things.