FHA Streamline Refinance Changes 2017
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:
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.
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 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:
We look forward to working with you.
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Call us 800-516-9166
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.
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