Monday, June 17, 2013

Kentucky FHA Streamline Refinance Underwriting Guidelines and Requirements.

Kentucky FHA Streamline Refinance Underwriting Guidelines and Requirements.




  - No appraisal required.
 - No income is disclosed
 - Employment or source of income must be disclosed and verified.
 - Debt ratios are not calculated.

The loan amount may only include:

• Outstanding principal balance, minus applicable refund of UFMIP
• Current interest charged by the servicing lender. Delinquent interest may not be included.
• UFMIP that will be charged on the refinance
-

Credit
Minimum Credit Score: 640---Some FHA investors will go lower but this is our requirement
Mortgage History: 0X30 for 12 months, if 12 month history exists

Seasoning
• The borrower must have made at least 6 payments on the Kentucky FHA streamline insured mortgage that is being refinanced at the time the case number is assigned; and
• At least 6 full months has passed since the first payment due date of the refinanced mortgage; and
• Net Tangible Benefit • Fixed to Fixed: A minimum 5% reduction to the P&I of the mortgage payment including the monthly MIP
• ARM to Fixed: Refer to net tangible benefit table in the product guidelines
   Assets If funds are needed to close the underwriter must verify and document the required funds.

• The borrower must have made at least six payments on the KentuckyFHA-insured streamline mortgage that is being refinanced, and,  at least six full months must have passed since the first payment due date of the
refinanced mortgage, and,  At least 210 days have passed from the closing date of the mortgage being refinanced.

Current Payoff Statement Valid through closing date on the Kentucky FHA loan being streamlined refinanced
Evidence of existing case # Note, Deed or Payoff Demand
Preliminary Title Report




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