The FHA Streamline:
See Our Simple Steps for Refinancing FHA-insured Mortgages
Very Simple Steps to Originate an FHA Streamline
(Loan Programs 6052 & 6059)
Look how easy it is!
- Shortened loan application — No employment nor assets need to be listed on loan application
- Obtain FHA netting and refund information (DMC broker support can assist/train)
- Obtain title commitment
- Obtain copy of mortgage note
Submit the above to Direct Mortgage for closing!
***Contract Processing Option: You take the loan application and have us process the rest – for a small fee. Email firstname.lastname@example.org***
Your borrowers qualify for an FHA Streamline refinance if:
- They currently have an FHA Loan
- Have at least a 640 credit score.
- They have not had a 30-day mortgage late within the past (12) twelve months.
- If traditional underwriting is used, borrower cannot have any derogatory credit within the past (12) twelve months.
- The refinance is "rate and term".
- If cash out is desired, credit qualifying with an appraisal is required.
Note: Streamline refinances are designed to lower the principal and interest payments on a current FHA-insured mortgage. No more than $500 is allowed back to the borrower at closing. More cash back is allowed with a credit qualifying streamline.
Direct Mortgage offers FHA Streamlines, both Credit and No Credit Qualifying, and can help you become FHA approved if you are not already.