FHA

• FHA allows a homeowner to obtain a streamline refinance loan if he currently holds an FHA mortgage. If the new loan amount is less than or equal to the current loan's maximum balance them the borrower may not have to purchase an appraisal for the new loan, nor prove his ability to repay the mortgage. He must state his employment on the application, but does not have to provide proof of income. If the new loan amount exceeds the previous loan's balance then an appraisal and proof of the borrower's income must be provided.
  
  

VA

• The Veterans Administration (VA) provides veterans with a streamlined refinance process called the Interest Rate Reduction Refinance Loan (IRRRL). This program works similarly to FHA's streamline refinance program, as it does not require an appraisal or proof of income if the new loan balance does not exceed the previous loan's initial balance. VA requires a funding fee on all mortgages, but reduces the funding fee when a borrower obtains an IRRRL. VA does not allow the veteran to receive cash back at closing, but does allow the borrower to finance the closing costs and up to $6,000 worth of energy-efficient improvements to the home.
  
  

Conventional Mortgages

• As of March 2011, Fannie Mae and Freddie Mac both have their own versions of the streamline refinance program. Fannie Mae calls their program the "Refi Plus" and Freddie Mac calls theirs the relief refinance mortgage. To qualify for a Refi Plus loan, Fannie Mae must own or service the mortgage. Only mortgages owned or serviced by Freddie Mac qualify for the relief refinance mortgage. Both of these loan programs allow loan amounts up to 125 percent of the home's value. If the borrower obtains a loan through his current mortgage provider then it's possible to have the income and appraisal conditions waived. These programs are part of the Making Home Affordable refinance programs, which are currently set to expire in May 2011.
  
  

Section 184 Native American Loans

• The U.S. Department of Housing and Urban Development (HUD) provides loans directly to Native Americans and Alaskan natives. This program includes providing refinance loans including their own version of the streamline refinance process. Homeowners must improve their loan situation by obtaining a lower interest rate, longer loan term or more conservative loan product (such as going from an adjustable-rate mortgage to a fixed rate mortgage). If these conditions are met then the lender does not require the borrower to provide an appraisal or to document his income.