Requirements of an FHA streamlined refinance in New York
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- Once the FHA-to-FHA full qualifying refinance is insured, these borrowers will be able to take advantage ofFHA’s Streamline Refinance program.
- The mortgage to be refinanced must already be FHA insured
- The mortgage to be refinanced should be current (not delinquent)
- The refinance must lower the principal and interest payment of the previous mortgage payment
- The borrower may not receive cash from loan proceeds in excess of $500.
- Any subordinate financing may remain in place as long as it is subordinated on title.
- he term of the new mortgage must be the lesser of 30 years or the unexpired term of the mortgage plus 12 years.
- borrower cannot refinance from a 15 year loan to a 30 year loan.
- An appraisal is not required unless the closing costs are wrapped into the loan. NY FHA Streamline refinances without an appraisal are limited to the unpaid principal balance, minus any refund credit of the mortgage insurance premium (MIP), plus the new upfront MIP if it is to be financed in the mortgage.
- No termite report is required
- The borrower cannot be late, delinquent, or in default of any federal debt.
As always, if you have any questions or you need more information on any of the loan programs shown in this site, please feel free to call me in my office at 1-347-559-5626 or you can email me at question@the123Mortgage.com.