FHA Streamline 2017 FHA
FHA Streamline 2017 FHA
To qualify for a streamline refinance FHA requires you to complete a
mortgage application to begin the process. If you currently have an FHA
mortgage and want to refinance FHA allows you to refinance:
- No appraisal required
- No credit report required
- No employment and income documentation
A borrower is eligible for a FHA streamline 2017 refinance without credit
qualifying if they has owned the property for at least six months.
Individuals may be deleted from the title on a streamline refinance if
the remaining owner-occupant can demonstrate that he/she has made the
mortgage payments during this time.
To qualify for a streamline
refinance there must be a net tangible benefit to the homeowner. Net
tangible benefit is defined as a 5% reduction to the principal and
interest (P&I) of the mortgage payment plus the annual mortgage
insurance premium (MIP) or refinancing from an Adjustable Rate Mortgage
(ARM) to a fixed rate mortgage.
- the borrower must have made at least six payments on the FHA-insured
- mortgage being refinanced at least six full months must have passed since the first payment due date of the refinanced mortgage
- at least 210 days must have passed from the closing date of the mortgage being refinanced
What documentation will I need?
- W2's for the past 2 years
- Current pay stubs for the past month
- Bank statements for last 2 months for each active account with sufficient reserves (all pages)
- Latest retirement statement for each active account (all pages)
- Residence addresses for past 2 years (if you reside at your current address for less than 2 years)
- Recent mortgage statement (s)
- Homeowners declaration page
- Clear copy of Driver’s License
- Clear copy of SS card
- Addresses and loan information of other real estate owned (if any)
- Personal tax returns for the past 2 years, current income statement & balance sheet for business (self-employed only)
888.958.5382