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The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. It is sometimes also called an FHA-to-FHA refinance. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their mortgages. You can even use an FHA Streamline if the property is no longer your primary residence. By making it easy for FHA borrowers to get better mortgages, the agency reduces the chance of default (good for them) while helping homeowners get better loans (good for you).
No tax returns or income calculation needed
● Current Fannie Mae Loan Owners
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 620 FICO |
| LOAN-TO-VALUE | UP TO 95% LTV |
| DEBT-TO-INCOME | MAXIMUM 43% DTI RATIO |
| OCCUPANCY | PRIMARY | 2ND HOME | INVESTMENT |
| TERMS | 15/20/30 YEAR FIXED | 5/1 ARM |
| TRANSACTIONS | REFINANCE OR CASH-OUT |
| APPRAISAL | APPRAISAL DEPENDENT ON TYPE OF REFINANCE |
| ELIGIBLE PROPERTIES | SFR|1-4 UNITS|ATTACHED/DETACHED PUDs| LOG HOMES| MODULAR HOMES|MANUFACTURED HOMES |CONDOS |
| HAVE BANKRUPTCY? | MUST WAIT 2 YEARS AFTER BANKRUPTCY |
| HAVE FORECLOSURE? | MUST WAIT 3 YEARS AFTER FORECLOSURE |
| HAVE SHORT SALE/ DEED IN LIEU? | MUST WAIT 3 YEARS FROM COMPLETION |
| INCOME [IF SALARIED] | DEPENDENT ON TYPE OF REFINANCE |
| INCOME [IF SELF-EMPLOYED] | DEPENDENT ON TYPE OF REFINANCE |
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS |
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
| IF OLD LOAN WAS… | THE NEW LOAN CHANGES IF… |
|---|---|
| Fixed Loan | Fixed Rate at lease .5% lower ARM at least 2% lower |
| ARM Adj < 15 Months | Fixed Rate no more than 2% higher ARM at least 1% lower |
| ARM Adj > 15 Months | Fixed Rate no ore than 2% higher 1 YR ARM at least 2% lower or Hybrid ARM at least 1% lower |
IF CASH-OUT STREAMLINE:
– AN APPRAISAL IS REQUIRED
– INCOME DOCUMENTATION REQUIRED
– Up to 95% LTV on FHA first mortgage that does not exceed $417,000. Otherwise limited to 85% LTV.
IF REGULAR STREAMLINE:
– NO APPRAISAL REQUIRED
– NO INCOME DOCUMENTATION REQUIRED
– STANDARD LTV OF FIRST FHA MORTGAGE
The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. It is sometimes also called an FHA-to-FHA refinance. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their mortgages. You can even use an FHA Streamline if the property is no longer your primary residence. By making it easy for FHA borrowers to get better mortgages, the agency reduces the chance of default (good for them) while helping homeowners get better loans (good for you).
No tax returns or income calculation needed
● Current Fannie Mae Loan Owners
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 620 FICO |
| LOAN-TO-VALUE | UP TO 95% LTV |
| DEBT-TO-INCOME | MAXIMUM 43% DTI RATIO |
| OCCUPANCY | PRIMARY | 2ND HOME | INVESTMENT |
| TERMS | 15/20/30 YEAR FIXED | 5/1 ARM |
| TRANSACTIONS | REFINANCE OR CASH-OUT |
| APPRAISAL | APPRAISAL DEPENDENT ON TYPE OF REFINANCE |
| ELIGIBLE PROPERTIES | SFR|1-4 UNITS|ATTACHED/DETACHED PUDs| LOG HOMES| MODULAR HOMES|MANUFACTURED HOMES |CONDOS |
| HAVE BANKRUPTCY? | MUST WAIT 2 YEARS AFTER BANKRUPTCY |
| HAVE FORECLOSURE? | MUST WAIT 3 YEARS AFTER FORECLOSURE |
| HAVE SHORT SALE/ DEED IN LIEU? | MUST WAIT 3 YEARS FROM COMPLETION |
| INCOME [IF SALARIED] | DEPENDENT ON TYPE OF REFINANCE |
| INCOME [IF SELF-EMPLOYED] | DEPENDENT ON TYPE OF REFINANCE |
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS |
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
| IF OLD LOAN WAS… | THE NEW LOAN CHANGES IF… |
|---|---|
| Fixed Loan | Fixed Rate at lease .5% lower ARM at least 2% lower |
| ARM Adj < 15 Months | Fixed Rate no more than 2% higher ARM at least 1% lower |
| ARM Adj > 15 Months | Fixed Rate no ore than 2% higher 1 YR ARM at least 2% lower or Hybrid ARM at least 1% lower |
IF CASH-OUT STREAMLINE:
– AN APPRAISAL IS REQUIRED
– INCOME DOCUMENTATION REQUIRED
– Up to 95% LTV on FHA first mortgage that does not exceed $417,000. Otherwise limited to 85% LTV.
IF REGULAR STREAMLINE:
– NO APPRAISAL REQUIRED
– NO INCOME DOCUMENTATION REQUIRED
– STANDARD LTV OF FIRST FHA MORTGAGE
