With rates dropping, and expected to continue to drop, we're going to see more demand for FHA Streamlines (non-credit qualifying rate/term refinances of borrowers who currently have an FHA loan).
Below is some general information on them, and a Submission Checklist
Appraisal not required if loan amount does not exceed original loan amount
DU Findings are not required
Employment information is required on the 1003
Income and Assets are not required on the 1003
Max 1x30 on the Mortgage last 12 months
Must be 0x30 at closing
Max $250 cash out
VOM required at Submission
Not allowed in Colorado, Minnesota, Nevada, or Ohio
Payment must reduce by $50
A borrower may not be removed from the loan........borrower may be added
FICO adjustments on rate sheet do not apply
FHA Streamline Submission Checklist
General
q Loan Submission Form
q Borrowers/Co borrowers Signature Authorization Form
q 1003 with NVRL Rate and Terms (signed)
o Employment must be disclosed on 1003
q Good Faith Estimate
q Truth-In-Lending
q Title Report
q Copy of Current Note & HUD
q VOM
FHA Specific
q FHA DU Findings are NOT needed
q Notice to Homebuyers regarding Assumption Disclosure
q Informed Consumer Choice Disclosure
q 92900
q Clear Copy of ID's if Face-to-Face Interview (if applicable)
Kris, Thanks for the punch list, they are always helpful. I have done several FHA deals lately but have not done a Streamline yet. It looks pretty straight forward.
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Hi, Kris,
Thanks very much for posting this! We're just getting rolling with FHA, so this is most helpful.
Thanks!
Dan