An FHA Streamline refinance is a simplified option for borrowers who already have an FHA loan and want to lower their interest rate or monthly payment with minimal documentation, often skipping an appraisal and full income verification, but it does not allow cash out and requires a clear borrower benefit. A rate-and-term refinance, on the other hand, is available for both FHA and conventional loans and lets borrowers change their interest rate, loan term, or loan type, but typically requires full underwriting, including income, credit, and appraisal review, making it more flexible but more documentation-intensive.
Streamlined option available
