If rates have dropped since you received your original FHA mortgage and you can lower your monthly payment with a new loan, well guess what? You can do it with a streamline loan. The best part is that even if your home is worth half of its old value, as long as the new loan balance don't exceed the lesser of old loan balance or your current balance, an appraisal won't be required. Even investment properties qualify under some circumstances. Per HUD,

"Streamline financing by investors, or for secondary residences may only be
made without an appraisal, and must be made solely in the business entity’s
name, if the residence was previously insured in the business entity’s name."

Your credit is not an issue as long as you are current on your mortgage and have not been late more than once or twice (depending on how late) in the last 12 months.

Want to dump a fixed rate and take advantage a lower ARM rates? FHA allows a streamline as long as the new rate is at least 2% lower than your old fixed rate. And unlike other ARMs, FHA rates adjust only 1%, once a year.

Finally, if you have an FHA loan and want to get a divorced spouse off your mortgage, that's allowed too. You need a judge's order and a quit claim. FHA mortgages are popular now for good reason. But if you were ahead of the crowd and have one already, there are benefits that may help you more than a government bailout ever could.