FHA Streamline Submission Checklist

By
Mortgage and Lending with Kris Krajecki - FOX VALLEY MORTGAGE - Huntley, IL
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)

Comments (3)

Eric Meruelo
Springfield, MO
Vice President / Sr. Loan Officer
Kris, thanks for the information, FHA Streamline are great loans and I have closed several here in the past 2 months !
Feb 07, 2008 03:17 PM
Sherri Sherpy
iLoan
NMLS #287770
Yes, not allowed in MN...after all, they may think that we are trying to "pull off" a stated income loan which is a big no-no in our great state!  I am going to miss the streamline refi.  What a great product to originate!
Feb 07, 2008 03:26 PM
Marvin Thomas
Allegiance Mortgage Corparation - Fayetteville, NC
Kris, thats for the info.  I have a client now that can benefit from a refinance.  I was thinking they needed all financial docs, but now I know they don't need to supply all those things.  What are some general turns times?
Feb 10, 2008 10:38 AM