An FHA streamline refinance lets you skip right past one of the biggest hurdles to getting an FHA loan: The appraisal. This shortcut saves you time and money, but not everyone can take advantage of it. FHA streamline refinance is a program that allows homeowners with FHA-backed mortgages to refinance with less time, hassle and paperwork. With a streamline refinance, you don't need to go through the FHA appraisal process again, since the FHA has already valued the property.