KEYWORDS:FHA Streamline Changes 2013, FHA Streamline Changes Florida 2013, FHA Streamline Changes New Jersey 2013,

FHA Streamline Changes 2017

FHA Streamline Changes 2017

The basic requirements of a FHA streamline refinance are:

  • The mortgage to be refinanced must already be FHA insured.
  • The mortgage to be refinanced should be current (not delinquent).
  • The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.  

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 income documentation
  • No employment documentation

A borrower is eligible for a FHA streamline 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 FHA 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?

  • 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)

FHA Streamline Changes 2017

How to Qualify for FHA Down Payment Assistance?

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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.


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