FHA Streamline - Effective on or after April 18, 2011, FHA no longer requires employment and income verification on streamline refinance loans.
FHA changed it's streamline requirements and in order to qualify for a streamline 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:
New FHA guidelines changes
A borrower is eligible for a 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 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 Streamline guidelines
Effective with case numbers assigned on or after April 18, 2011, FHA no longer requires lenders to certify employment and income on streamline refinance transactions.
No-cost refinances, in which the lender charges a premium interest rate to defray the borrower’s closing costs and/or prepaid items, are permitted.
What documentation will I need?
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www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans.
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