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)