1. General Information on Streamline Refinances

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Introduction

This topic contains general information on streamline refinances, including

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the purpose of a streamline refinance, and

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where to locate additional policies and instructions on streamline refinances.

Change Date

May 10, 2009

4155.1 3.C.1.a Purpose of a Streamline Refinance

Streamline refinances

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are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage, and

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must involve no cash back to the borrower, except for minor adjustments at closing, not to exceed $500.

Streamline refinances can be made with or without an appraisal.

References: For information on streamline refinances

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without an appraisal, see HUD 4155.1 3.C.2 , and

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with an appraisal, see HUD 4155.1 3.C.3.

4155.1 3.C.1.b Additional Streamline Refinance Policies and Instructions Reference

For additional policies, processing guidelines, and underwriting instructions for streamline refinances, see HUD 4155.1 6.C.