Las Vegas FHA Streamline Refinance Guidelines
With FHA mortgage rates at all time lows, the Las Vegas FHA Streamline Refinance has become a popular loan in 2009.
Commonly referred to as an FHA Rate Reduction, No Cost Refi, FHA No Doc Loan, No Credit Qualifying Loan, or No Appraisal Refinance, the FHA Streamline’s main purpose is to reduce a homeowner’s current monthly payment.
Basically, the FHA Streamline Refinance Mortgage is a fairly straightforward program with limited qualifying and document requirements.
FHA Streamline Qualifying Bullets:
_________________
- Purpose – to lower current mortgage payment
- FHA to FHA loans only
- No Appraisal if new loan amount does not exceed old, excluding up-front MIP
- No Income Verification required
- No Asset Verification
- No Credit Qualifying
- Mortgage Lates – OK – at discretion of individual lenders
- Current month’s payment is not due at closing
- $500 max cash back to borrower
- No Repairs Required
- Investment properties OK
- 2nd Mortgage subordination allowed – no max combined LTV
_______
Frequently Asked FHA Streamline Questions:
_________________
Q. Can I consolidate bills with an FHA streamline?
A. No – You may not consolidate bills or receive cash-out from an FHA streamline refinance. Cash out FHA refinances require full qualifying and are restricted by Loan-to-Value requirements. Max cash back to borrower at closing is $500.
Q. Is an appraisal required?
A. No- An appraisal is not required on an FHA streamline unless the new loan amount exceeds the old loan amount by 1.5%.
Q. Will my credit be checked?
A. As lending guidelines continue to get tighter, it is possible that more banks may request minimum fico scores. However, per FHA guidelines, a credit report is not required. Mortgage history is all that the FHA cares about at this point.
Q. Can I add or remove an individual from my loan on a streamline refinance?
A. You may add whomever you wish as long as that person meets the minimum credit requirements. If you remove an individual you must be able to prove that the person remaining on the loan has had and continues to have the ability to make the mortgage payment. In most cases a 6 month history will be required to show that person has been making the payment.
Q. What if I lost my job?
A. The FHA does require that employment is listed on the mortgage application unless the borrower is of retirement age.
Q. What if I don’t live in the property anymore?
A. Investment properties that were originally purchased as an owner occupied residence are eligible for the FHA Streamline refinance.
Q. How much does an FHA Streamline cost?
A. No-cost refi options depend on the mortgage rate that you choose. Either way, in most circumstances, borrowers do not have to come out of pocket with any fees.
_______
Special Thanks to These Guest Contributors:
- Mark Madsen – Las Vegas, NV FHA – 702-432-5626
- Paul Dunn – Tucson, AZ – 520-225-0380
- Leesa Sandoval – Dallas, TX FHA – 972-407-7922
- Brian Wiesner – Upland, CA FHA – 909-581-4075
- Justin McHood – Phoenix, AZ - 480-374-0303
- Kevin Sandridge – Winter Haven, FL – 863-604-3019
- Ande Radke – Boise, ID – 208-859-5825
- Chris Egan - LA County, CA – 714-403-6824
- Tim Storm – Irvine, CA – 888-491-2001 x 225
- Chip Gray – Philadelphia, PA – 610-935-3023
- William Doom – Phoenix, AZ – 888-271-3437 x 7
- Jackie Toppin – Anchorage, AK – 907-261-7655
- Fred Chamberlin – Eugene, OR – 866-916-7576
- Jonathan Blackwell – Atlanta, GA – 404-551-3845
- Mike Harrison – Salt Lake City, UT – 801-404-3540
______________
Top 5 Las Vegas Mortgage Links / Articles / Questions
- Las Vegas First-Time Home Buyer Frequently Asked Questions
- Las Vegas Mortgage – How Much Can I Borrow?
- What Are The Current Mortgage Interest Rates?
- Applying For A Las Vegas Mortgage – What Documentation Do I Need?
- How Does The Mortgage Approval and Funding Process Work?
______________
Raintree Mortgage (Las Vegas)
9488 West Flamingo Rd. Suite 102
Las Vegas, NV 89147 | NV LIC 2511
702-432-5626 | Email
———————————————————————————–
>> Fast Application —————- >> Rate Tracker
———————————————————————————–
If you enjoyed this post, please consider subscribing to our FHA Mortgage Loan Blog feed and get future articles delivered to your feed reader. You can also share this article using the 'Share This' tool below.
Mark Madsen's RSS Feed
Comments
No comments yet.
Sorry, the comment form is closed at this time.