FHA Streamline Guidelines Florida

FHA streamline guidelines Florida

To qualify for a FHA streamline refinance in Florida 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 minimum credit score to qualify
No employment verification
No credit report required
No income verification
No appraisal required
No asset verification
No cost qualify

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New FHA guidelines changes requires that the new mortgage balance remain the same as your current mortgage balance. Your new loan amount must be the same as your current loan amount after you refinance it cannot increase. If you owe $100,000 now after an FHA streamline you will still owe $100,000 after you refinance. Only your interest rate, monthly payments or term changes. What you owe your current balance will remain the same.

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 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

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This Form cannot be submitted until the missing fields (labelled below in red) have been filled in
FHA Streamline
Please note that all fields followed by an asterisk must be filled in.
Property State*
County of subject property*
Property Type*
ZIP code of property*
Use of property *
Is your current mortgage an FHA *
Are you requesting a loan with a spouse or co-borrower*
If yes, co borrower first name
Your middle initial
Co borrower Last name
Please choose a suffix
Co borrower Address
Co borrower social security number
Co borrower date of birth
What interest rate do you have now*
Fixed rate or Adjustable
Current loan balance - How much do you owe now*
Have you had a mortgage late payment in the last 12 months
Your first name*
Your middle initial
Your last name*
Please choose a suffix
Daytime/Work Phone*
Evening Phone*
Cell Phone*
What is your email address*
Property address*
City*
State*
ZIP code*
How long have you lived at this address*
Date of birth*
Marital status*
Citizenship status*
Social Security #*
What is your monthly housing payment*
Annual Premium Homeowners Insurance*
How much are your property taxes a year*
Please tell us about any special circumstances that may apply to your loan request and/or the best time for us to call you: