For borrower's who already have an FHA loan at a higher rate and have still not taken advantage of today's historically low interest rates FHA makes the refinance process easy.  The following are criteria for FHA's Streamline refinance:

1. Borrower must already have an FHA Loan for at least 6 months and have been on time with payments for the last 12 months.

2. The new payment on the loan's principal and interest must be lower than the old payment.

3. No Cash Out of property is allowed.

4. No income verification or W2s are necessary

5. Must not be delinquent or behind on any other federal debts.