Just like any refinance the borrower needs to qualify meaning their income, assets and credit history are evaluated. The subject property also needs to be evaluated and the transaction needs to meet loan-to-value ratio (LTV) guidelines.  Some borrowers can qualify for a stated income mortgage or one in which bank statements can be substituted for conventional proof of income.  Applicants with higher DTI’s, lower credit scores and higher LTV’s or a combination of these factors don’t qualify for a No Cost Refinance but qualify for a low cost or a regular cost refinance. Every scenario is different. If your property is in California please reach out to me to discuss your unique scenario.