May not require appraisal; in that case, you would use the original purchase price as current value of the home
No penalty for being underwater
May not require verification of employment, income or credit
Requires three month of perfect payment history on all accounts (including credit cards)
Must have had at least six months of mortgage payments
Must be a net tangible benefit for the refinance like lowering the rate or monthly payments, terms (ex: go from 30-year to 15-year mortgage) or type (ex: go from an adjustable rate mortgage to a fixed rate mortgage)
Can’t do a cash-out refinance
Can’t include closing costs on the loan (must be paid at closing)
