FHA Mortgage Streamlines in Connecticut (No Appraisal Needed)

Posted on February 2, 2018 · Posted in Connecticut FHA Mortgage, FHA Streamline

Northeast Financial is your Connecticut Mortgage Company for when you are looking to streamline your FHA Mortgage!

 

An FHA streamline mortgage is simply a refinance of an existing FHA mortgage.

 

The term “streamline” just means that there is less documentation and underwriting required than on an initial FHA mortgage. Even better – there is NO APPRAISAL required. There are certain requirements for an FHA Streamline mortgage:

 

  • The existing mortgage that will be refinanced must already be FHA insured.

  • The existing mortgage cannot be delinquent

  • The refinance must lower the borrowers monthly principle and interest payments.

  • No cash may be taken out on a streamline mortgage.

 

Underwriting guidelines:

 

  • Minimum credit score in the 600 range.

  • No late mortgage payments in last 12 months.

  • Maximum debt to income ratios in the 45 to 55% range.

  • No new appraisal is required.

  • Maximum loan to value of 105% based on original appraisal.

 

For a free consultation call us today:

 

 

 

IMG_0088

Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

NMLS#117273

 

https://www.linkedin.com/company/north-east-financial

https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033

 

Residential Clients: Click Here For Application