This program enables you to move some or all of the refinance costs into the refinance mortgage.
The exact term used is to “streamline” refinances on a mortgage, but there are 4 criteria in order to be eligible for this type of mortgage offer by the FHA.
- – The mortgage you are looking to refinance has to already be insured by the FHA.
- – The mortgage you are trying to refinance should be in good standing and not delinquent.
- – Refinancing the mortgage will lower the monthly payments on both the interest and the principal
- – If you are successful in obtaining streamline refinancing you cannot take cash out on the refinanced mortgage.
For more details on the streamlining your mortgage program.
A list of approved lenders near you.