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FHA has permitted streamline refinances
on insured mortgages since the early 1980's. The streamline refers only to the
amount of documentation and underwriting that needs to be performed by the mortgage
company, and does not mean that there are no costs involved in the transaction.
The basic requirements of a streamline 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.
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