Refinancing with a FHA Streamline; means that you are streamlining the amount of documentation you are required. Since you already have a FHA mortgage when you refinance into a streamline you would not be required to show documentation of income or have your credit run again. Also there is less scrutiny with your loan once it goes to underwriting.

Rules of a streamline:

• Your current mortgage must be a FHA mortgage.
• Your current Mortgage must be current.
• Your refinancing must lower your payment.
• Your refinance can only be a rate and term; no cash out!

You can refinance your closing costs into the mortgage but you need enough equity in the property to do so; this is determined by a appraisal.

A Streamline Refinance can also be done without a appraisal; but then the loan amount can not exceed the original loan amount.