The FHA Streamline mortgage refinance program offers several key features:

Designed for existing FHA-insured mortgages only Requires:
1. A minimum of six monthly payments on the current FHA loan At least 210 days must have passed since the current FHA loan was originated
2. No cash-out option (limited to $500 cash back)
3. Allows refinancing from adjustable-rate to fixed-rate mortgages
4. Two types available: credit-qualifying and non-credit qualifying
5. Minimal documentation required; often no new appraisal needed
6. Must demonstrate a “net tangible benefit” to the borrower
7. Typically requires a 5% reduction in monthly mortgage payment
8. Upfront and annual mortgage insurance premiums still apply
9. Available for primary residences, secondary homes, and in some cases, investment properties
10. No maximum loan-to-value ratio requirement
11. Credit score requirements may be more lenient than for new FHA loans
12. Employment and income verification may be waived in some cases
13. Closing costs can be rolled into the new loan amount
14. Streamline refinances after May 31, 2009, require the borrower to have never been more than 30 days late on any of the last 12 monthly payments

These details highlight the streamlined nature of the program, designed to help FHA borrowers quickly and easily refinance their mortgages under favorable terms.