FHA STREAMLINE REFINANCE
Did you know you can do a streamline refinance of your FHA loan with NO Appraisal?
The maximum insurable mortgage is the lower of the two calculations below:
· Original Loan Amount: The original principal balance of the existing FHA insured mortgage, including any upfront MIP, plus the new UFMIP being charged on the refinance; OR
· Existing Debt: The sum of the existing FHA insured first lien, closing costs, accrued late charges, escrow shortages, reasonable discount points and the prepaid expenses necessary to establish the escrow account minus any refund of UFMIP plus the new up-front MIP. The existing first lien may include the interest charged by the servicing lender when the payoff is not received by the first of the month but may not include delinquent interest.
Did you know you can do a streamline refinance of your FHA Loan with only your mortgage payment as your credit?
The maximum insurable mortgage is the lower of the two calculations below:
· “Maximum loan-to-value percentages” multiplied by the appraised value, exclusive of closing costs; OR
· Sum of the existing FHA insured first lien, closing costs, accrued late charges, escrow shortages, reasonable discount points and the pre-paid expenses necessary to establish the escrow account minus any refund of up-front MIP. The existing first lien may include the interest charged by the servicing lender, when the payoff is not received by the first of the month, but may not include any delinquent interest.
Did you know you can do a streamline refinance on your FHA loan even if you are now renting it out?
Investment properties, even if originally acquired as principal residence by the current borrowers, may only be streamline refinanced (FHA to FHA) without an appraisal for the outstanding principal balance. The term of the mortgage is the lesser of 30 years or the remaining term of the mortgage plus 12 years.
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