FHA Streamline Refinance

FHA offers streamline refinancing on FHA Mortgages, the basic requirements of a streamline refinance are.

• The mortgage to 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.
• No cash may be taken out on mortgages refinanced using the streamline process.

MGN Funding offers streamline refinancing and can include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without an appraisals, but the new loan amount cannot exceed what is currently owed.