The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages.
Streamline refinance refers to the refinance of an existing FHA-insured mortgage requiring limited borrower credit documentation and underwriting. Streamline refinances are available under credit qualifying and non-credit qualifying option.
"Streamline refinance" refers only to the amount of documentation and underwriting that the lender must perform. The basic requirements of a streamline refinance are:
The mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced must be current (not delinquent).
The refinance results in a net tangible benefit to the borrower.
Read more at the HUD / FHA website.