FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender. The basic requirements of a streamline refinance are:

●The refinance must lower borrower's monthly principal and interest payments.

●No cash may be taken out using the streamline refinance process

●The mortgage to be refinanced must already be FHA insured

●No late payments allowed within last 12 months

Additional Requirements:

●Property must be Owner-Occupied

●Copy of existing Note required

●Employment must be verified, but not income

●Must provide a "clear" copy of Driver's License and Social Security card