You are eligible to complete this form if the following are true
1) Loan status is Clear to Close (Docs Out and Docs Back statuses are ineligible)
2) Loan program is Conventional, FHA, VA & High Balance
3) Loan amortization is Fixed
4) Renegotiation must benefit the borrower by at least 0.125 in rate
5) Cost of the initial renegotiation is current market, less 0.500, capped at original price
6) Rebate will not exceed original rebate
7) Cost will not be less than original costs
If a float down is granted, the loan must close within 7 days of Float Down Date