2017 FHA Streamline Requirements
New 2017 FHA streamline requirements. To qualify for a streamline refinance FHA requires you to currently have an FHA mortgage and your mortgage payments for the last 12 months must have been made on time. If you currently have an FHA mortgage and want to refinance FHA allows you to refinance:
A borrower is eligible for a FHA streamline refinance without credit qualifying if they has owned the property for at least six (6) 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.
FHA streamline refinances are designed to lower the monthly principal and interest payments on a current FHA-insured mortgage. The new loan must involve no cash back to the borrower, except for minor adjustments at closing, not to exceed $500.
New FHA guidelines does not allow your new mortgage balance to increase. FHA does not require an appraisal on a streamline refinance. FHA does not require a credit report. No minimum credit score is required. Effective on or after April 18, 2011, FHA no longer requires employment and income verification on streamline refinance loans.
A 203(k) rehabilitation mortgage may be refinanced into a streamline mortgage after all work is complete.
The rehabilitation work is considered complete by:
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Mortgage World Home Loans is an online mortgage company specializing in FHA loans for first time home buyers. To buy a home with 3.5% down payment and a minimum credit score of 580 using an FHA loan, apply now.
We look forward to working with you.
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
Credit score needed
to buy a house or refinance
FHA credit score
FHA requires a minimum 500 credit score to buy a house
VA credit score
VA requires a minimum 500 credit score to buy a house
Fannie Mae credit score
Fannie Mae requires a minimum 620 credit score to buy a house
Freddie Mac credit score
Freddie Mac requires a minimum 620 credit score to buy a house
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