A borrower with an FHA loan wants to refinance to get a lower interest rate. The FHA offers a streamline refinance program. What is a key feature of an FHA streamline refinance?
Correct Answer
D) It allows existing FHA borrowers to refinance with reduced documentation, often without a new appraisal
The FHA streamline refinance allows existing FHA borrowers to refinance with reduced documentation and paperwork. In many cases, a new appraisal is not required, making the process faster and simpler.
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