FHA Streamline Refinance Program For Connecticut

Posted on December 29, 2017 · Posted in Connecticut FHA Mortgage, FHA Streamline

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

 

  • 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 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

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