Federal Housing Administration (FHA)-insured mortgages have skyrocketed since 2006, and now FHA “streamlined” refinancing programs are following suit.

What’s not to love? FHA loans can be more consumer friendly, don’t require a home appraisal and it does not matter if your home is underwater (meaning the appraised value is less than the amount of money you owe on your mortgage loan).

But now the FHA’s streamlined loan may have consumers lining up and waving their checkbooks.

Here are the details. FHA streamlined loans, also known as “rate reduction” loans are designed specifically for one big task; to reduce a homeowner’s monthly mortgage payment. It’s not rocket science but for the most part, it's flying under the radar, possibly because only FHA mortgage-holders qualify.

But if you do qualify for an FHA streamlined mortgage, the package looks like a good one; maybe the most consumer-friendly and cost-effective refinancing program out there.

Why? To start off, the FHA has built a nice incentive in for lenders that goes like this. The FHA won’t sign off on a streamlined loan unless the new monthly mortgage payment is lower than the current monthly mortgage payment.

Another eye-opener Is that an FHA streamlined refinance loan does not require you to get a home appraisal. If that doesn’t get a cash-strapped homeowner’s attention, the FHA will also work with borrowers whose home mortgage values are “underwater”.