FHA Streamline Mortgage in Connecticut

Posted on July 17, 2017 · Posted in Connecticut Mortgage Refinance

FHA Streamline Mortgages (No Appraisal)

 

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. 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 will vary somewhat from lender to lender and from borrower to borrower but will be approximately as follows:

 

  • Minimum credit score in the 600 to 660 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 more information contact:

 

walsh

Patrick Walsh
Mortgage Loan Originator/NMLS 99004
860-213-1398
Patrick@northeast-mortgage.com
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

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

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