An FHA Streamline Refinance allows you to refinance your current FHA loan into another FHA loan. An FHA Streamline allows you to:

• Refinance into a lower rate and payment
• Convert you FHA ARM into a fixed rate
• Convert you 203(k) rehab loan into a 203(b) FHA loan
• Shorten you loan term

There are several benefits to an FHA Streamline Refinance. Generally, no appraisal is necessary. There are also no credit restrictions on an FHA Streamline refinance. You income and employment are also not evaluated when applying for an FHA Streamline loan.

There are only a few requirements to obtaining an FHA Streamline loan, they are:

• You must have been in your current FHA loan for a period of at least one year
• Your current FHA loan must be current at the time of closing the new FHA loan
• The new FHA loan must offer a lower payment or shorten the term without increasing your payment by more than $50
• If current FHA loan is an ARM, and the new loan a fixed, the interest rate on the new fixed loan may not be more than 2 percent higher than that of the ARM