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 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