FHA STREAMLINES REFINANCE GUIDELINES IN KENTUCKY 2015


Refinancing FHA Mortgage loans. 

FHA STREAMLINES: FHA to FHA Refinance

2014 Kentucky FHA Loan Guidelines for Credit, Down payment, income,

  • 620 minimum Credit Score
  • NO AUS findings run
  • NO Income stated on application or verified
  • NO Appraisal – COSTS CAN NOT BE ROLLED INTO LOAN –No longer an allowable option
  • Verify assets only for cash to close
    • If you pay ALL costs with interest rate credit, no assets needed to be verified.
    • This would mean paying for the re-establishment of their escrows.
    • If they pay for their new escrow account, verify those assets. They will get reimbursed by their previous servicer 2-3 weeks after closing.
  • New annual MI is Life of Loan, but is .85% instead of 1.35% in most cases.
  • FHA loans endorsed prior to May 31, 2009 may be eligible for up front MI of .01
  • Dropping a borrower usually requires credit qualifying – see full guidelines
  • 5% PI & MI reduction required for Net Tangible benefit to be met

We will do a verbal VOE to confirm their employment, but we won’t be verifying income. No DTI calculations are performed.  You WILL need to provide a 3 bureau credit report.

 Remember that a borrower may NOT get any cash back on a streamline so any credit in excess of closing costs must be applied as a principal reduction, with a max of $2k towards principal.

FHA loans are secured through the FHA, or Federal Housing Administration

Joel Lobb
Senior Loan Officer
(NMLS#57916)

phone: (502) 905-3708
Fax: (502) 327-9119
kentuckyloan@gmail.com
http://www.mylouisvillekentuckymortgage.com/

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