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FixUrRate
Flash in the pan


Joined: 27 Aug 2008
Posts: 63
Location: NY

Re: FHA Streamlines
PostPosted: Wed Mar 24, 2010 2:07 am Reply with quoteBack to top

you do not need an appraisal if the new loan balance is not greater than the payoff amount, and the borrower pays closing cost out of pocket. even if the new loan does not surpass the original loan amount.

to include closing cost, yes, you need an appraisal.

alot of lenders are also VERIFYING INCOME as of now on ALL high balance streamlines, as well as some conforming limit loans.
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