If "change" means refinance the answer is yes. There are not any restrictions when refinancing from one loan type into another (ie: conventional to FHA, FHA to VA, VA to conventional, etc). There are some benefits you may consider when refinancing into the same type of program. For example:
FHA & VA loans offer a streamline refinance option that doesn't require full documentation such as appraisals, debt to income rations and loan to value calculations. This option is very beneficial if home values decrease, you lose a job or incure unexpected debt that raises your debt to income ratios. Streamlines also offer lower fee's in most cases.
FHA & VA loans also offer reduced funding fee's for refinance loans in some cases. Such as VA reducing the funding fee to .50% rather than 2.15% or 3.30% when refinancing compared to a purchase. FHA also offers a credit toward the upfront funding fee if refinancing in the first 5 years after obtaining a FHA loan.
Conventional loans are believed to be in process for a similar program but nothing has been nationally released with any real benefits or certainty. There may be more options in the future for conventional to conventional refinance transactions.
Answer Submitted on Fri, Dec 19 2008
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