FHA Streamline Refinance Tips
ByBrokers and lenders across the country continue to talk about the streamline refinance sponsored by the Federal Housing Administration that HUD oversees. FHA streamline rates have never been lower and the efficiency for processing streamline loans has improved dramatically.
Being able to refinance with no appraisal is an amazing benefit in today’s slumping housing market. Besides the military VA loan, the FHA streamline is really the last 100% refinance opportunity for borrowers who are stuck with an underwater mortgage.
Highlight of the FHA Streamline Program
- No income documentation required with W2 borrowers (no stated income with retired or self-employed)
- Over 580 FICO – statistical appraisal max LTV 125% – NO appraisal required
- Under 580 FICO – Appraisal required, max LTV 90%
- Rate Price without FICO adjustments
- FHA Mortgage Terms: 30yr Fixed, 15yr Fixed, 5yr ARM
- Manufactured Homes OK with statistical appraisal max LTV 90%
- No appraisal required if 12 payments made, 0×30, over 580 FICO
FHA streamline refinance notes: Ask about our self-employed mortgage options for FHA borrowers. FHA streamline guidelines are subject to change. Read the original article > FHA Streamline Refinance Program online at the FHA loan blog.
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