Finance
A Pennsylvania FHA streamline refinance allows existing FHA borrowers to refinance with:
AA new appraisal required in all cases
BReduced documentation and no new appraisal required in many cases✓ Correct
CAutomatic approval regardless of payment history
DConversion to a conventional loan without MIP
Explanation
FHA streamline refinancing allows existing FHA borrowers to refinance to a lower rate with reduced documentation — no new income verification or appraisal required in most cases. The borrower must have a satisfactory payment history on the current FHA loan.
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