Finance
A Mississippi borrower has a 'streamline refinance' option on their FHA loan. An FHA streamline refinance allows:
ACash-out for any purpose
BRefinancing to a lower rate with reduced documentation requirements without requiring a new appraisal, available to existing FHA borrowers who are current on their loan✓ Correct
CConversion from FHA to conventional loan
DRefinancing regardless of current loan status
Explanation
FHA streamline refinances allow existing FHA borrowers to refinance to a lower rate/payment with reduced documentation (no income verification in some cases) and no new appraisal. The primary benefit must be a lower payment or conversion from adjustable to fixed rate. The borrower must be current on the existing FHA loan.
Related Mississippi Finance Questions
- A Mississippi homeowner's equity position is defined as:
- A Mississippi buyer borrows $200,000 at 7.5% annual interest. What is the first month's interest charge?
- A Mississippi seller agrees to pay a 2% 'seller's concession' toward the buyer's closing costs on a $200,000 purchase. The dollar amount of the concession is:
- Which of the following is a characteristic of a USDA Rural Development guaranteed loan in Mississippi?
- Which of the following is a characteristic of a 'jumbo loan' in Mississippi?
- A Mississippi lender offers a 2/1 buydown on a mortgage. This means the interest rate is:
- A Mississippi borrower obtains an FHA loan with a 3.5% down payment on a $200,000 purchase. The upfront mortgage insurance premium (UFMIP) for an FHA loan is:
- A Mississippi property buyer's 'conventional' loan is one that:
Practice More Mississippi Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Mississippi Quiz →