You can refinance your current FHA loan with an FHA streamline refinance loan. This option simplifies the process with minimal paperwork and no appraisal required, making it a convenient choice. FHA loans often come with lower upfront and annual insurance premiums, which can reduce your monthly payments and potentially lower your interest rate.

However, there are some downsides to consider. Mortgage insurance is required, and the premiums might be higher than what you currently pay. Additionally, lenders must be FHA-approved, and your existing mortgage needs to be current. In some cases, full documentation and credit checks may be needed, especially if existing borrowers are being removed.