FHA STREAMLINE REQUIRMENTS
FHA allows a Florida mortgage applicant to FHA streamline refinance current FHA insured mortgage loans. The “FHA Streamline refinance” only refers to the minimal amount of documentation and underwriting that the Florida mortgage lender must perform to approve these loans, and does not mean that there are no costs involved.
If you have a conventional Florida mortgage you wish to FHA refinance with an FHA mortgage, you’ll need to apply with the usual full mortgage application including a credit check, employment verification, debt-to-income and other considerations for Florida FHA mortgage approval. With an FHA mortgage refinance can get you many of the same results. For Florida mortgage applicants if you refinance from a conventional loan to an FHA insured mortgage refinancing may provide better rates and lower FHA mortgage payments.
The basic FHA streamline Florida mortgage requirments include:
1. The Florida FHA mortgage to be refinanced must already be FHA insured.
2. The Florida FHA mortgage to be refinanced must be current not delinquent. And 0 x 30 days late on your FHA mortgage in the last 12 months.
3. The FHA streamline refinance must lower of the FHA loan applicants monthly principal and interest payments, or, under certain circumstances, the conversion of an adjustable rate mortgage (ARM) to a fixed-rate Florida mortgage.
4. No cash may be taken out on streamline FHA mortgage refinancing using the FHA streamline refinance process.
Florida mortgage Lenders may offer FHA streamline refinancing in many ways. FHA does not allow Florida mortgage lenders to include closing costs in the new FHA mortgage amount of an FHA streamline refinance.
Detailed instructions to the lenders are contained in HUD Handbook 4155.1.6.C. Get started now with our full FHA steamline Florida mortgage application for an FHA streamline refinance now.
FLORIDA STEAMLINE DOCUMENT CHECKLIST
(Our goal is to obtain a Clear to close with the first Florida FHA steamline refinance submission)
- Typed 1003 – Full Florida FHA Streamline Mortgage Application.
- Copy of your Original Note – (all pages of the note must be provided and signed and dated)
- Copy of your Current mortgage statement (used to verifyand net tangible benefi
- Your Current- please make sure the following two items are metqAsset Verification: 2 months bank statements. All large deposits must be sourced via a LOE and 3rd
- documentation to validate the explanation.
- Good through date must be through the month / day we are closing the loan
- Payoff must be pulled AFTER the last payment has been made on the current Florida mortgage paymen
- Certification of employment for all borrowers Verbal VOE
Wage Earner – Verbal VOE covering 2 yrs
- Self Employment – Copy of Business License or CPA letter verifying Self Employment for 2 yrs (if
Mortgage Credit supplement showing borrower is due for the month the loan is closing in if not already verified on the credit report.
- FHA Mortgage Payoffs and bank statements showing the payment was made does not suffice.
- Mortgage being refinanced may not have any history of 30 day lates within the past 12 months.
- qLetter from Florida streamline applicant stating the house has NOT been listed for sale in the last 6
- Letter from borrower explaining credit derogatory credit within from last 24
- Florida Title Commitment with tax information- MUST HAVE 24 month chain of title.
- Florida Title Closing Agent, Title Co. or Attorney E&O and Wiring instructions.
- Insurance Binder with yearly premium * See clause below
- If CONDO, please provide master insurance and HO6 (Walls in coverage)
- HO6 and Master must have unit number
- Dwelling coverage must be 20% of appraised value
- LDP/GSA participant list completely filled out
- All applicable Florida FHA Streamline refinance DisclosuresqSettlement Service Provider(signed and dated within 3 business days of initial GFE)
- Initial 92900A (signed and dated the same day as the initial FHA streamline refinance application)
- Informed Consumer Choice Disclosure (signed and dated the same day as the initial Florida FHA streamline refinance application)
- Important Notice to Homebuyer (signed and dated the same day as the initial Florida FHA streamline refinance application))
- Notice to Homeowner (Assumption) (signed and dated the same day as the initial Florida FHA streamline refinance application)
- All up-front disclosures provided to the borrower at time of Florida FHA streamline refinance application)application
- All Applicable Florida FHA streamline refinance application Specific disclosures,