Late in 2009, new guidelines were released by FHA mortgages which apply to the FHA Streamline refinance mortgage. At the time of application, the homeowner must have made at least six payments on their present loan. In addition, FHA now allows no more than one 30-day late in preceding 12 months and all mortgage payments must be made within the month due for three months prior to the date of loan application. For the first time, lenders must certify that borrower is employed and the income and cash needed to close must be verified. No appraisal is still required if the applicant is not financing closing costs, however, a new appraisal must be procured if closing costs are to be financed. Keep in mind that FHA still allows lenders to pay the closing costs without ordering a new appraisal. Dave Hershman is the top author and a top speaker in the mortgage industry with seven books authored including two texts published by the Mortgage Bankers Association of America.