How Do You Calculate The Maximum Mortgage For An FHA Streamline Refinance?
An FHA streamline refinance is a quick and easy way to refinance your mortgage that requires less in the way of documentation. The only requirements for becoming eligible for a streamline refinance through the FHA is that your existing mortgage must be an FHA mortgage, you cannot be delinquent, and the goal of the refinance is to lower your monthly payment. You will not be eligible to get cash out of the refinancing. There are several other restrictions; however the most important is the maximum amount the new mortgage can represent. Determine whether or not an appraisal of your home’s current value is required. During the refinancing process, the lender may require the home to be reappraised in order to determine what amount for which the new mortgage may be eligible. The final mortgage amount will be determined by the the house’s appraised value, the equity you have built up in the house, and the balance of your outstanding mortgage. Determine the amount of cash that you have availab
