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FHA Streamline Submission Checklist
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)
... more

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