As Steve said streamline refinances are for borrowers with existing FHA loans. There are 2 types, one with and another without appraisal. If no appraisal then the new loan amount can not be any higher than the original loan amount (except for the new up front mortgage insurance). If you get an appraisal you can roll in the costs of the loan. The great thing is streamlines do NOT require ANY income or asset documentation and in most cases your credit is not looked at. They can be a good way to drop your interest rate down to market. You just have to look at the costs of the refinance and then how much you saving in interest with the lower rate. See if it makes sense.