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)

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Rainer
75,344
Dan Hartman
Province Mortgage Associates - NMLS #2861 - Providence, RI

Hi, Kris,

Thanks very much for posting this!  We're just getting rolling with FHA, so this is most helpful.

Thanks!

Dan

Feb 04, 2008 07:25 AM #1
Rainer
10,130
Stephen C. Olczak
Mortgage Help - Fort Myers, FL
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. 
Apr 09, 2008 04:22 AM #2
Rainer
118,799
» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

Kris:

A recent change on streamlines is the FICO adjustments on streamlines do apply with some lenders.

Apr 09, 2008 11:03 PM #3
Rainer
78,084
Rebecca Schrader
Competitive Insurance of Dundee - Dundee, FL

Streamline deals are a breeeeeeeeze!  Nice checklist!

May 09, 2008 04:48 AM #4
Rainer
26,964
Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

Great info. Thanks.

May 09, 2008 09:34 AM #5
Rainer
26,964
Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

Great update.

Jun 02, 2008 03:24 PM #6
Rainer
46,117
Greg Zaccagni
The Federal Savings Bank - Wheaton, IL
Illinois Mortgage Lender

Thanks for this summary.  I'll keep it handy.

Greg Z.

Jun 25, 2008 02:56 AM #7
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Rainer
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Kris Krajecki

Mortgage Broker Huntley, IL
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