Countrywide Home Loans Inc. has introduced a program allowing borrowers who have loans under the FHA program to refinance, incorporating closing costs into the interest rate.

The program requires no appraisal, no credit report, and no income verification. Countrywide said that in some cases borrowers would be exempt from the first 10 days of interest on the new loan.

And the lender would let some homeowners defer payment on 30 days' interest on their old loan until the 15th of the month after closing, or to get interest-free cash advances to establish new escrow accounts.

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