I’ve been asked this a number of times here in the last 2 months or so, and since I’m preparing to do my second FHA Streamline 203(k), here are the basics of how it works (from HUD).
MORTGAGEE LETTER 2005-50
December 29, 2005
TO: ALL APPROVED MORTGAGEES, ALL APPROVED APPRAISERS
SUBJECT: Enhancements to [...]