FHA Mortgage Streamline Refinance loans are available to homeowners that financed their homes with FHA Loans.First a little history on FHA Refinance Loans. They have been available for a long time, all of the way back to the 1980’s. Because of the popularity of FHA Home Loans the Streamline Refinance Loans have at least 20% of the home refinance market and it is increasing at a steady rate.FHA loans are very popular in today’s housing market because of the low 3.5% down payment and the lower credit scores needed to qualify for a loan. Most conventional and insured conventional loans require 20% down payment. The credit scores for FHA loans can be around 620.There are many advantages for this type of refinancing.The Advantages of FHA Mortgage Streamline Refinance Loans:1. The homeowner can get a lower interest rate and this will help them to reduce their monthly mortgage payment.2. They can change the terms of their existing loans such as the length of the loan.3. Quick processing and reduced paperwork and documentation. This is how they get the name “streamlined”. It will take less time to close and you will spend less time trying to get all of the paperwork and information together.4. Closing costs can be can choose to include them in the new loan if there is enough equity in the home or they can choose to have no closing costs but that may result in a higher interest rate.5. The homeowner does not have to verify income or employment status.Of course there are some qualifications that you will have to meet in order to get the Streamlined FHA Refinance loan.FHA Mortgage Streamlined Refinance Loans Qualifications:1. You can not be delinquent on your monthly mortgage payments within the last 12 months.2. The new mortgage loan must reduced monthly payments or the length of the loan.3. No cash-out option is available.4. No credit qualifications.Unfortunately things may be changing. FHA is considering changes to their loan program because of the cost of increased home foreclosures. Among the changes being discussed are the increase in mortgage insurance and higher credit scores to qualify for a mortgage.If you are considering refinancing your home mortgage now is a good time to do it before the changes take place!