Foreclosure & Alternatives Law
What are the requirements for an FHA Streamlined Mortgage Refinance?
The basic requirements of an FHA streamlined mortgage refinance are:
- The mortgage to be refinanced must already be FHA insured.
- The mortgage to be refinanced should be current (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.