This is the simplest and easiest way to refinance if you currently have an FHA loan. Unlike a traditional refinance an FHA Streamline Refinance allows a borrower to refinance without having to verify their income and assets. An appraisal might not be required either depending on how much you have paid on your original loan balance.
· 15, 20, 25, or 30-year term on fixed-rate loan
· Appraisal may not be required
· Lower credit requirements
· Limited documentation