FHA Home Loans

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You can get an FHA loan even if you have collection accounts, past bankruptcies or even a foreclosure! Find out if you qualify today!

Amount of Money Needed to Qualify for FHA Streamline Refinance

You will need to provide 60 days of bank statements showing enough money to cover any out-of-pocket closing costs. Your loan officer will work up an estimate of total funds due, which should give you a general idea about how much money you need in your accounts.

This estimated out-of-pocket amount might increase through the course of the loan. Be prepared to provide updated statements or additional statements to prove you have the increased amount.

An additional note about bank statements: provide all pages, even blank ones, to your lender. Also, make sure your name, address, and account number shows on your statement. For this reason, online bank printouts often are not sufficient since banks remove personal information from online printouts. The best statements are the ones you receive in the mail or the actual bona fide PDF bank statements that are often available for download on the bank’s online system.

Minimum Credit Score for FHA Streamline Refinance

FHA does not require a credit report to be pulled. However, most, if not all lenders will require a credit report.

A standard “benchmark” minimum credit score for the FHA streamline program is 640. However, some lenders will allow a score of 620 or even 600.

No Longer Required to Close at the End of the Month

Up until January 2015, there was a little-known FHA rule stating you had to close your FHA refinance at the end of the month, or pay a double-interest penalty. That is no longer the case.

The FHA streamline refinance mid-month closing penalty has been eliminated. Applicants can close any day of the month. This will reduce the month-end bottleneck at FHA lenders, making your closing process easier.

Rates just dropped! Message us today to find out if a Streamline Refinance can save you THOUSANDS on your mortgage!

Is Cash Back Allowed on an FHA Streamline?

No cash back to the borrower is permitted to be intentionally built into the FHA streamline transaction. FHA does permit a small amount of cash, usually less than $500, to go back to the borrower. Cash back can only be as a result of incidental changes in closing costs calculations, which happens often with all mortgages. Some lenders limit the amount to $250 or less.

FHA Streamline *Reduced* Document Checklist

- Copy of the mortgage note from your current FHA loan (this shows your current interest rate and whether the loan is an ARM or a fixed rate).
- Copy of a current mortgage statement.
- Contact name and number of your employer’s HR department (most lenders need to verify you are currently working, even if they don’t verify your actual income).
- Two months of bank statements including all pages (even blank pages). The statements must show that you have enough money to pay any out of pocket costs associated with the loan.
- Homeowner’s insurance agent contact information. Your lender will need to obtain proof of current insurance on the home.
- Copy of your Drivers License

Refinance your existing FHA loan to a crazy low rate with our quick and low documentation FHA Streamline refinance

- Are you currently in an FHA loan?

- Do you want to save money with a lower rate and payment on your FHA loan – regardless of how much your house is worth?

- Would you like a mortgage with no appraisal required, lower credit requirements, and reduced documentation to help you qualify?

We are here to answer your streamline questions and help you save money on your mortgage payment! Call us today at 916.271.4405