To qualify for an FHA Streamline loan, you need to be able to reduce your interest rate. But that’s a win-win: if you can lower your rate and qualify for the loan, it’s usually worth it because you’ll save money month-to-month and hopefully in the long run, too.

While the simpler underwriting of a non-credit-qualifying FHA streamline refinance is appealing, it shouldn’t be the reason you choose this type of refinance; it’s just gravy. Cough up the paperwork if a credit-qualifying refinance, FHA or otherwise, will get you a better deal.

The FHA streamline refinance program can help borrowers save money when refinancing their existing FHA mortgage loan. The program comes with less paperwork, credit documentation, and no appraisal. However, the borrower can not take more than $500 in cash from the refinance and must prove they receive a net tangible benefit by refinancing.

An FHA Streamline Refinance may be a good idea for you if you’ve recently experienced a loss of income since you’re not required to verify your current income. And if you have less than 20% equity, an FHA Streamline Refinance could be cheaper than a traditional PMI.

The FHA streamline refinance program makes it easier and cheaper for borrowers who have a Federal Housing Administration-insured mortgage to refinance their loans at lower rates. FHA streamline refinances are typically easier to get than traditional refinances, so those undergoing some form of hardship might want to consider one.