FHA Streamline Refinance: What You Need to Know
May 19th, 2009 by dmitriy
“FHA Streamline Refinance” refers to a process of refinancing a FHA mortgage and specifically the amount of documentation and underwriting that is required to be completed by the lender. The process (as any refinance) involves certain closing costs that are either paid up-front or rolled into the amount of refinance.
The requirements for the FHA Streamline Refinance are as follows:
- The mortgage to be refinanced must already be FHA insured
- The mortgage to be refinanced should be current and in good standing (not delinquent).
- The refinance is to result in a lowering of the borrower’s monthly principal and interest payments.
- No cash may be taken out on mortgages refinanced using the streamline refinance process.
There are a few different ways the lenders may offer FHA streamline Refinance. Some may offer it at no out-of-pocket costs by charging a …
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