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One of the great features of an FHA loan is that you can refinance it using a FHAs streamline refinancing program. Streamlining your FHA loan is fast and can save you a lot of money.The Federal Housing Administration (FHA) has permitted streamline refinances since the early 1980's. The streamline refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction.
There are some strict guidelines when it comes to FHA streamlines. One of the guidelines is a cap to how much your payment can increase. If it goes higher then the cap then a streamline is not an option.
An FHA Streamline refinance can be done without an appraisal or even credit report being done. There are certain criteria that must be met for this option. However, there are FHA rate and term refinances available up to a 97% LTV and up to 95% for cash-out refinances.
FHA Streamline refinance loans may allow you to include some or all of your closing costs in your new FHA Streamline refinance loan amount.