FHA Streamline Refinance Changes 2017

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:

• To qualify no mortgage late payments last 12 months
  
• Collection accounts do not have to be paid off
• No minimum credit score to qualify
• No employment verification
• No credit report required
  
• No income verification
• No cost FHA refinance
• No appraisal required
• No asset verification

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

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:

• a fully executed certificate of completion
• closing the rehabilitation escrow account with a final release
  

Apply Now

We look forward to working with you.

We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.

Call us 888.958.5382

We look forward to working with you.

FHA streamline refinance changes 2017, FHA streamline changes for 2017, FHA streamline guidelines changes, FHA streamline refinance program changes, HUD changes FHA streamline refinance requirements, FHA streamline loan changes 2017, FHA streamline changes credit score requirements 2017, FHA streamline MIP changes 2017, FHA streamline refinance changes in 2017, FHA streamline program changes, FHA streamline refinance changes 2017, FHA streamline rule changes,