FHA Streamline Loans

FHA STREAMLINE LOANS - Fast and Easy

The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. It is sometimes also called an FHA-to-FHA refinance. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their mortgages. You can even use an FHA Streamline if the property is no longer your primary residence. By making it easy for FHA borrowers to get better mortgages, the agency reduces the chance of default (good for them) while helping homeowners get better loans (good for you).

WHO QUALIFIES?

• Current Fannie Mae Loan Owners
• Must be 18 years or older
• U.S. Citizens
• Green Card Holders (non U.S. Citizen)
• H-1B Visa & EAD Card Holders (non U.S. Citizen)


LOAN DETAILS

  CRITERIA

LOAN DETAILS

CREDIT

MINIMUM 620 FICO

LOAN-TO-VALUE

UP TO 95% LTV

DEBT-TO-INCOME

MAXIMUM 43% DTI RATIO

 OCCUPANCY

PRIMARY | 2ND HOME | INVESTMENT

TERMS

15/20/30 YEAR FIXED | 5/1 ARM

TRANSACTIONS

REFINANCE OR CASH-OUT

APPRAISAL

APPRAISAL DEPENDENT ON TYPE OF REFINANCE

ELIGIBLE PROPERTIES

SFR|1-4 UNITS|ATTACHED/DETACHED PUDs| LOG HOMES| MODULAR HOMES|MANUFACTURED HOMES |CONDOS

HAVE BANKRUPTCY?

MUST WAIT 2 YEARS AFTER BANKRUPTCY

HAVE FORECLOSURE?

MUST WAIT 3 YEARS AFTER FORECLOSURE

HAVE SHORT SALE/ DEED IN LIEU?

MUST WAIT 3 YEARS FROM COMPLETION

INCOME [IF SALARIED]

DEPENDENT ON TYPE OF REFINANCE

INCOME [IF SELF-EMPLOYED]

DEPENDENT ON TYPE OF REFINANCE

ASSETS

PAST 60 DAYS OF ALL ASSET ACCOUNTS

EMPLOYMENT VERIFICATION

PROVE EMPLOYMENT FOR PAST 2 YEARS

PROOF OF IDENTITY

PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD




IF OLD LOAN WAS…

THE NEW LOAN CHANGES IF…

Fixed Loan

Fixed Rate at lease .5% lower
ARM at least 2% lower

ARM Adj < 15 Months

Fixed Rate no more than 2% higher
ARM at least 1% lower

ARM Adj > 15 Months

Fixed Rate no ore than 2% higher
1 YR ARM at least 2% lower or
Hybrid ARM at least 1% lower




FOR FULL FHA GUIDELINES, PLEASE CLICK HERE

NOTABLE EXCEPTIONS:

IF CASH-OUT STREAMLINE:
- AN APPRAISAL IS REQUIRED
- INCOME DOCUMENTATION REQUIRED
- Up to 95% LTV on FHA first mortgage that does not exceed $417,000. Otherwise limited to 85% LTV.

IF REGULAR STREAMLINE:
- NO APPRAISAL REQUIRED
- NO INCOME DOCUMENTATION REQUIRED
- STANDARD LTV OF FIRST FHA MORTGAGE

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