Module 6: Programs And Products - Refinance
Single Family Housing Policy Handbook 4000.1: Title II Insured Housing Program ForwardMortgages Origination through Post-Closing/EndorsementModule 6: Programs and Products - RefinanceAs of June 30, 2016Presented by:Kevin Stevens, DirectorSingle Family Housing, Home Mortgage Insurance DivisionThe information in this document is current as of the Last Update date noted above. This document doesnot establish or modify the policy contained in FHA’s Handbooks and Mortgagee Letters in any way.
FHA’s Office of Single Family Housing Training Module22
FHA’s Office of Single Family Housing Training ModuleIntroductionThe Programs and Products – Refinances section of the Handbookprovides Mortgagees FHA’s underwriting requirements for thefollowing allowable refinance transactions: Cash-Out Refinances No Cash-Out Refinances– Rate and Term Refinances– Simple Refinances– Streamline Refinances Negative Equity Positions Program (Short Refi)3
FHA’s Office of Single Family Housing Training ModuleRefinance: DefinitionA Refinance Transaction is used to pay off the existing debt or towithdraw equity from the property with the proceeds of a newMortgage for a Borrower with legal title to the subject property.4
FHA’s Office of Single Family Housing Training ModuleTypes of Refinances Cash-Out Refinance:– A Cash-Out Refinance is a refinance of any Mortgage or a withdrawalof equity where no Mortgage currently exists, in which the Mortgageproceeds are not limited to specific purposes. No Cash-Out Refinance:– A No Cash-Out Refinance is a refinance of any Mortgage in which theMortgage proceeds are limited to the purpose of extinguishing theexisting debt and costs associated with the transaction.5
FHA’s Office of Single Family Housing Training ModuleTypes of No Cash-Out Refinance OptionsRate and TermSimple RefinanceStreamline RefinanceAll proceeds are used to payexisting Mortgage liens onthe subject property andcosts associated with thetransaction.FHA-insured Mortgage in whichall proceeds are used to pay theexisting FHA-insured Mortgagelien on the subject property andcosts associated with thetransaction.Refinance of an existing FHAinsured Mortgage requiringlimited Borrower creditdocumentation andunderwriting. There are twodifferent Streamline optionsavailable.Appraisal RequiredAppraisal RequiredNo Appraisal RequiredAny lien applicableCurrent FHA Mortgage LienCurrent FHA Mortgage LienThe Mortgagee must obtain a Refinance Authorization Number from FHA Connection (FHAC)for all FHA-to-FHA refinances.6
FHA’s Office of Single Family Housing Training ModuleStreamline Refinance OptionsStreamline RefinanceCredit QualifyingNon-Credit QualifyingA Manual Underwriting creditand capacity analysis of theBorrower is required.A Manual Underwriting creditand capacity analysis of theBorrower is not required.7
FHA’s Office of Single Family Housing Training ModuleAdditional No-Cash Out Refinance OptionsRefinance of Borrowers in Negative Equity Positions Programs (alsoknown as Short Refinance): A Borrower who is current on their non FHA-insured Mortgage mayqualify for an FHA-insured refinance Mortgage provided that theMortgagee or Investor writes off at least 10 percent of the unpaidprincipal balance of the existing first lien Mortgage.8
FHA’s Office of Single Family Housing Training ModuleAdditional No-Cash Out Refinance Options (cont.)Refinances for the Purpose of Rehabilitation or Repair: A Borrower may refinance existing debts and obtain additionalfinancing for purposes of rehabilitation and repair under the 203(k)Rehabilitation Mortgage Insurance Program.9
FHA’s Office of Single Family Housing Training ModuleAdditional No-Cash Out Refinance Options (cont.)Refinancing of an Existing Section 235 Mortgage: An existing Section 235, Mortgage Insurance and AssistancePayments Program may be refinanced as any No Cash-OutRefinance. In refinancing a Section 235 Mortgage, the Mortgagee is required torepay to FHA any amount of excess subsidy. The outstandingprincipal balance on a Section 235 is calculated by adding back tothe balance any amount of the excess subsidy paid to FHA. If FHA has a junior lien that was part of the original Section 235financing, FHA will subordinate the junior lien to the Section 203(b)Mortgage that refinances the Section 235 Mortgage.10
FHA’s Office of Single Family Housing Training ModuleAdditional No-Cash Out Refinance Options (cont.)Refinancing of HOPE for Homeowners Mortgages: If the Mortgage being refinanced is a HOPE for HomeownersMortgage, the Mortgagee must refer to the requirements in theHOPE for Homeowners Servicing Section. HOPE for Homeowners Mortgages may not be refinanced using theFHA streamline process.11
FHA’s Office of Single Family Housing Training ModuleFHA-Insured to FHA-Insured Refinances FHA-to-FHA refinances may be used with any refinance type. Mortgagee must obtain a Refinance Authorization Number fromFHA Connection (FHAC) for all FHA-to-FHA refinances. FHA will not issue a new case number for any FHA-to-FHA Refinancewhere the existing Mortgage to be paid off has a repair orrehabilitation escrow account where the Escrow CloseoutCertification has not been completed in FHAC.12
FHA’s Office of Single Family Housing Training ModuleGeneral EligibilityBorrower EligibilityAt least one Borrower onthe refinancing Mortgagemust hold title to theproperty being refinancedprior to case numberassignment.Property Eligibility(ManufacturedHomes)For a transaction involving aManufactured Home to beconsidered a refinance, theManufactured Home musthave been permanentlyerected on a site for morethan twelve months priorto case numberassignment.Product Eligibility(TemporaryBuydowns)Temporary interest ratebuydowns are notpermitted with refinancetransactions.13
FHA’s Office of Single Family Housing Training ModuleUpfront Mortgage Insurance Premium RefundsIf the Borrower is refinancing their current FHA-insured Mortgage toanother FHA-insured Mortgage within 3 years, a refund credit is appliedto reduce the amount of the Upfront Mortgage Insurance Premium(UFMIP) paid on the refinanced Mortgage, according to the refundschedule shown in the table below:14
FHA’s Office of Single Family Housing Training ModulePayoff Statement Requirements for MortgagesThe Mortgagee must obtain the payoff statement for the existingMortgage being refinanced.15
FHA’s Office of Single Family Housing Training ModuleAdjusted Value16
FHA’s Office of Single Family Housing Training ModuleAdjusted ValueThe Adjusted Value is the determined value of the property used formaking an FHA-insured Mortgage Loan.17
FHA’s Office of Single Family Housing Training ModuleAdjusted Value: Refinance For properties acquired by the Borrower within 12 months of thecase number assignment date the Adjusted Value is the lesser of:– The Borrower’s purchase price, plus any documented improvementsmade after the purchase; or– The Property Value. This policy applies to all FHA refinance transactions that requireappraisals including, FHA-to-FHA refinance transactions.18
FHA’s Office of Single Family Housing Training ModuleAdjusted Value: Refinance (cont.)Properties acquired by the Borrower within 12 months of application byinheritance or through a gift from a family member may:– Utilize the calculation of Adjusted Value for properties purchased 12months or greater.19
FHA’s Office of Single Family Housing Training ModuleAdjusted Value: Refinance (cont.)For properties acquired by the Borrower greater than or equal to 12months prior the case assignment date, the Adjusted Value is theProperty Value.20
FHA’s Office of Single Family Housing Training ModuleCash-Out Refinances21
FHA’s Office of Single Family Housing Training ModuleBorrower EligibilityThe following are not eligible for cash-out refinances:– Nonprofit agencies;– State and local government agencies; and– Instrumentalities of government.Income from a non-occupant co-Borrower may not be used to qualifyfor a cash-out refinance.Last Reviewed: 5/02/1622
FHA’s Office of Single Family Housing Training ModuleOccupancy Requirements Cash-Out Refinance transactions are only permitted on owneroccupied Principal Residences. The property securing the Cash-Out refinance must have beenowned and occupied by the Borrower as their Principal Residencefor the 12 months prior to the date of case number assignment.23
FHA’s Office of Single Family Housing Training ModuleOccupancy Requirements—Exception Inheritance: A Borrower is not required to occupy the property for aminimum period of time before applying for a Cash-Out Refinance,provided the Borrower has not treated the subject property as anInvestment Property at any point since inheritance of the property. If the Borrower rents the property following inheritance, theBorrower is not eligible for Cash-Out Refinance until the Borrowerhas occupied the property as a Principal Residence for at least 12months.24
FHA’s Office of Single Family Housing Training ModuleOccupancy Requirements DocumentationThe Mortgagee must review the Borrower’s employmentdocumentation or obtain utility bills to evidence the Borrower hasoccupied the subject property as their Principal Residence for the 12months prior to case number assignment.25
FHA’s Office of Single Family Housing Training ModulePayment History RequirementsThe Mortgagee must document that the Borrower: Has made all payments for all their Mortgages within the month duefor the previous 12 months or since the Borrower obtained theMortgages, whichever is less. The payments for all Mortgages secured by the subject propertymust have been paid within the month due for the month prior toMortgage Disbursement.26
FHA’s Office of Single Family Housing Training ModulePayment History Requirements (cont.) Properties with Mortgages must have a minimum of six months ofMortgage Payments. Properties owned free and clear may be refinanced as Cash-Outtransactions.27
FHA’s Office of Single Family Housing Training ModuleMaximum Mortgage Amounts Maximum Loan-to-Value:– 85 percent of the Adjusted Value. Maximum Combined Loan-to-Value:– 85 percent of the Adjusted Value. Nationwide Mortgage Limit:– The combined Mortgage amount of the first Mortgage and anysubordinate liens cannot exceed the Nationwide Mortgage Limitdescribed in National Housing Act’s Statutory Limits.28
FHA’s Office of Single Family Housing Training ModuleRate and Term Refinances29
FHA’s Office of Single Family Housing Training ModuleOccupancy RequirementsRate and Term Refinance transactions are only permitted on owneroccupied Principal Residences and HUD-approved SecondaryResidences.30
FHA’s Office of Single Family Housing Training ModuleOccupancy Requirements: DocumentationThe Mortgagee must review the Borrower’s employmentdocumentation or obtain utility bills to evidence the Borrower currentlyoccupies the property, and determine the length of time the Borrowerhas occupied the subject property as their Principal Residence.31
FHA’s Office of Single Family Housing Training ModulePayment History Requirements - ManuallyUnderwritten 6 Months of Mortgage Payment History 6 Months of MortgagePayment History0 x 30 for all Mortgages for the 6 months priorto case number assignment, and no more than0 x 301 x 30 for the 6 months previous for allMortgages.----The Borrower must have made the payments for all Mortgagessecured by the subject property for the month prior to MortgageDisbursement.32
FHA’s Office of Single Family Housing Training ModuleMaximum Loan-to-Value RatioMaximumLTVMaximumCLTVPrincipal/Secondary OccupancyResidence97.75%97.75%PrincipalOwner occupied for 12months or since acquisition ifacquired within 12 months ofcase number assignment85%97.75%PrincipalOwner occupied for less than12 months prior to the casenumber assignment date; or ifowned less than 12 months,has not owner occupied forthe entire period ofownership.85%97.75%For all HUD-approved Secondary Residences33
FHA’s Office of Single Family Housing Training ModuleCalculating Maximum Mortgage Amount: DebtsThe existing debt that can be included in a Rate and Term Refinanceconsist of: The unpaid principal balance of the first Mortgage as of the month prior toMortgage Disbursement;The unpaid principal balance of any purchase money junior Mortgage as ofthe month prior to Mortgage Disbursement;The unpaid principal balance of any junior liens over 12 months old as ofthe date of Mortgage Disbursement. If the balance or any portion of anequity line of credit in excess of 1,000 was advanced within the past 12months and was for purposes other than repairs and rehabilitation of theproperty, that portion above and beyond 1,000 of the line of credit is noteligible for inclusion in the new Mortgage;34
FHA’s Office of Single Family Housing Training ModuleCalculating Maximum Mortgage Amount:Debts (cont.)The existing debt that can be included in a Rate and Term Refinanceconsist of: Ex-spouse or co-Borrower equity, as described in “Refinancing to Buy outTitle Holder Equity”;Interest due on the existing Mortgage(s);Mortgage Insurance Premium (MIP) due on existing Mortgage;Any prepayment penalties assessed;Late charges; andEscrow shortages.35
FHA’s Office of Single Family Housing Training ModuleCalculating Maximum Mortgage Amount: AdditionalCostsAdditional allowed costs associated with the transaction may be able tobe financed in to the Rate and Term transaction, including: All Borrower-paid costs associated with the new Mortgage; and Any Borrower-paid repairs required by the appraisal.36
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating Maximum Mortgage Amountfor Rate-Term Refinance Transactions37
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating Maximum Mortgage Amountfor Rate and Term Refinance Transactions (cont.)38
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating Maximum Mortgage Amountfor Rate and Term Refinance Transactions (cont.)39
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating Maximum Mortgage Amountfor Rate and Term Refinance Transactions (cont.)40
FHA’s Office of Single Family Housing Training ModuleShort PayoffsThe Mortgagee may approve a Rate and Term Refinance where themaximum Mortgage amount is insufficient to extinguish the existingMortgage debt, provided the existing Note holder writes off theamount of the indebtedness that cannot be refinanced into the newFHA-insured Mortgage.41
FHA’s Office of Single Family Housing Training ModuleRefinancing to Buy Out Title-Holder Equity When the purpose of the new Mortgage is to refinance an existingMortgage to buy out an existing title-holder’s equity, the specifiedequity to be paid is considered property-related indebtedness andeligible to be included in the new Mortgage calculation. The Mortgagee must obtain the divorce decree, settlementagreement, or other legally enforceable equity agreement todocument the equity awarded to the title-holder.42
FHA’s Office of Single Family Housing Training ModuleRefinancing to Pay Off Recorded Land ContractsWhen the purpose of the new Mortgage is to pay off an outstandingrecorded land contract, the unpaid principal balance shall be deemedto be the outstanding balance on the recorded land contract.43
FHA’s Office of Single Family Housing Training ModuleCash Back to the Borrower: 500 LimitationThe Mortgagee may utilize estimates of existing debts and costs incalculating the maximum Mortgage amount to the extent that theactual debts and costs do not result in the Borrower receiving greaterthan 500 cash back at Mortgage Disbursement.44
FHA’s Office of Single Family Housing Training ModuleCash Back to the Borrower: Unused Escrow BalanceCash to the Borrower resulting from the refund of Borrower’s unusedescrow balance from the previous Mortgage must not be considered inthe 500 cash back limit, whether received at or subsequent toMortgage Disbursement.45
FHA’s Office of Single Family Housing Training ModuleCash Back to the Borrower: Excess Cash Back When costs utilized in calculating the maximum Mortgage amountresult in greater than 500 cash back to the Borrower at MortgageDisbursement, Mortgagees may reduce the Borrower’s outstandingprincipal balance to satisfy the 500 cash back requirement. The Mortgagee must submit the Mortgage for endorsement at thereduced principle amount.46
FHA’s Office of Single Family Housing Training ModuleSimple Refinance47
FHA’s Office of Single Family Housing Training ModuleSimple RefinanceSimple Refinance refers to a no cash-out refinance of an existing FHAinsured Mortgage in which all proceeds are used to pay the existingFHA-insured Mortgage liens on the subject property and costsassociated with the transaction.48
FHA’s Office of Single Family Housing Training ModuleMIPStreamline Refinance, Simple Refinance:For refinance of previous Mortgage endorsed on or before May 31, 2009UFMIP: 1 (bps) (.01%) All MortgagesAll Mortgage TermsBase Loan AmountAllLTVAnnual MIP (bps)Duration 90.00%5511 years 90.00%55Mortgage termFor Mortgages where FHA does not require an appraisal, the value from the previous Mortgage is used to calculate the LTV.49
FHA’s Office of Single Family Housing Training ModuleOccupancy RequirementsSimple Refinance is only permitted on owner-occupied PrincipalResidences and HUD-approved Secondary Residences.50
FHA’s Office of Single Family Housing Training ModuleOccupancy Requirements: Documentation The Mortgagee must review the Borrower’s employmentdocumentation or obtain utility bills to evidence the Borrowercurrently occupies the property. The Mortgagee must obtain evidence that the Secondary Residencehas been approved by the Jurisdictional FHA HomeownershipCenter.51
FHA’s Office of Single Family Housing Training ModulePayment History Requirements:Manually Underwritten 6 Months of Mortgage Payment History 6 Months of MortgagePayment History0 x 30 for all Mortgages for the 6 months priorto case number assignment, and no more than0 x 301 x 30 for the 6 months previous for allMortgages.----The Borrower must have made the payments for all Mortgagessecured by the subject property for the month prior to MortgageDisbursement.52
FHA’s Office of Single Family Housing Training ModuleSimple Refinance Maximum Mortgage CalculationThe following items are not permissible to be included in a SimpleRefinance transaction: The unpaid principal balance of any purchase money juniorMortgage as of the month prior to Mortgage Disbursement; The unpaid principal balance of any junior liens; Ex-spouse or co-Borrower equity; and Any prepayment penalties assessed.53
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating the Maximum MortgageAmount for Simple Refinance Transactions54
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating the Maximum MortgageAmount for Simple Refinance Transactions (cont.)55
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating the Maximum MortgageAmount for Simple Refinance Transactions (cont.)56
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating the Maximum MortgageAmount for Simple Refinance Transactions (cont.)57
FHA’s Office of Single Family Housing Training ModuleCash Back to the Borrower: 500 LimitationThe Mortgagee may utilize estimates of existing debts and costs incalculating the maximum Mortgage amount to the extent that theactual debts and costs do not result in the Borrower receiving greaterthan 500 cash back at Mortgage Disbursement.58
FHA’s Office of Single Family Housing Training ModuleCash Back to the Borrower: Unused Escrow BalanceCash to the Borrower resulting from the refund of Borrower’s unusedescrow balance from the previous Mortgage must not be considered inthe 500 cash back limit, whether received at or subsequent toMortgage Disbursement.59
FHA’s Office of Single Family Housing Training ModuleCash Back to the Borrower: Excess Cash Back When costs utilized in calculating the maximum Mortgage amountresult in greater than 500 cash back to the Borrower at MortgageDisbursement, Mortgagees may reduce the Borrower’s outstandingprincipal balance to satisfy the 500 cash back requirement. The Mortgagee must submit the Mortgage for endorsement at thereduced principle amount.60
FHA’s Office of Single Family Housing Training ModuleStreamline Refinance61
FHA’s Office of Single Family Housing Training ModuleStreamline Refinance Streamline Refinance may be used when the proceeds of theMortgage are used to extinguish an existing FHA-insured firstMortgage lien. Mortgagees must manually underwrite all Streamline Refinances inaccordance with the guidance provided in the Streamline Refinancesection of the Handbook 4000.1.62
FHA’s Office of Single Family Housing Training ModuleStreamline Refinance ExemptionsThe Streamlined Refinance provides lists of the SF Handbook sectionsthat are not applicable when underwriting a Non-Credit QualifyingStreamline Refinance and a Credit Qualifying Streamline Refinance.Examples: Ordering Appraisal Property Eligibility and Acceptability Criteria63
FHA’s Office of Single Family Housing Training ModuleBorrower EligibilityStreamline Refinance may be used for Principal Residences, HUDapproved Secondary Residences, or non-owner occupied properties.64
FHA’s Office of Single Family Housing Training ModuleOccupancy Requirements: Documentation The Mortgagee must review the Borrower’s employmentdocumentation or obtain utility bills to evidence the Borrowercurrently occupies the property. The Mortgagee must obtain evidence that the Secondary Residencehas been approved by the Jurisdictional FHA HomeownershipCenters.65
FHA’s Office of Single Family Housing Training ModuleOccupancy Requirements: Documentation (cont.)The Mortgagee must process the Streamline Refinance as a non-owneroccupied property if the Mortgagee cannot obtain evidence that theBorrower occupies the property either as a Principal or a HUDApproved Secondary Residence.66
FHA’s Office of Single Family Housing Training ModulePayment History Requirements: StreamlineRefinanceMortgage Payment History Non-Credit Qualifying Streamline Refinance0 x 30 for all Mortgages on the subject Property for the 6 months prior to casenumber assignment, and no more than:1 x 30 for the previous 6 months for all Mortgages on the subject Property.The Borrower must have made the payments for all Mortgages secured by thesubject Property within the month due for the month prior to mortgageDisbursement.Note: The Borrower must have made at least 6 payments on orbefore the Case Number Assignment date.67
FHA’s Office of Single Family Housing Training ModulePayment History Requirements: StreamlineRefinanceMortgage Payment History Credit Qualifying Streamline Refinance0 x 30 for all Mortgages for the 6 months prior to case number assignment, and nomore than:1 x 30 for the previous 6 months for all Mortgages.The Borrower must have made the payments for all Mortgages secured by thesubject Property within the month due for the month prior to mortgageDisbursement.68
FHA’s Office of Single Family Housing Training ModuleNon-owner Occupied Properties and HUD-ApprovedSecondary ResidenceNon-owner occupied properties and HUD-approved SecondaryResidences are only eligible for streamline refinancing into a fixed-rateMortgage.69
FHA’s Office of Single Family Housing Training ModuleMortgage Seasoning RequirementsOn the date of the FHA case number assignment: The Borrower must have made at least six payments on the FHA-insuredMortgage that is being refinanced; At least six full months must have passed since the first payment duedate of the Mortgage that is being refinanced; At least 210 Days must have passed from the Disbursement Date of theMortgage that is being refinanced; and If the Borrower assumed the Mortgage that is being refinanced, theymust have made six payments since the time of assumption.70
FHA’s Office of Single Family Housing Training ModuleUse of TOTAL and Streamline Refinance The Mortgagee must manually underwrite all Streamline Refinance. The Mortgagee may score the Mortgage through the TOTALMortgage Scorecard, but the findings are invalid.71
FHA’s Office of Single Family Housing Training ModuleNet Tangible Benefit: Streamline Refinances A Net Tangible Benefit is a reduced Combined Rate, a reduced term,and/or a change from an ARM to a fixed-rate Mortgage that resultsin a financial benefit to the Borrower. Combined Rate refers to the interest rate on the Mortgage plus theMortgage Insurance Premium (MIP) rate.72
FHA’s Office of Single Family Housing Training ModuleNet Tangible Benefit: Streamline Refinances (cont.)73
FHA’s Office of Single Family Housing Training ModuleNet Tangible Benefit: Reduction in TermThe net tangible benefit test is met if: The remaining amortization period of the existing Mortgage isreduced; New interest rate does not exceed the current interest rate; and, The combined principal, interest, and MIP payment does notincrease by more than 50.74
FHA’s Office of Single Family Housing Training ModuleCalculating Combined Rate75
FHA’s Office of Single Family Housing Training ModuleHUD Employee MortgageeFor non-credit qualifying Streamline Refinances only, any HUDemployee may have their Mortgage underwritten and approved/deniedby the Mortgagee.76
FHA’s Office of Single Family Housing Training ModuleReviewing Limited Denial of Participation (LDP) andSystem for Award Management (SAM) ExclusionLists The Mortgagee must check the HUD Limited Denial of Participation(LDP) list to confirm the Borrower’s eligibility to participate in anFHA-insured Mortgage transaction. The Mortgagee must check the System for Award Management(SAM) system, and must follow appropriate procedures defined bythat system to confirm eligibility for participation.77
FHA’s Office of Single Family Housing Training ModuleBorrower Additions to TitleIndividuals may be added to the title and Mortgage on a non-creditqualifying Streamline Refinance without a creditworthiness review.78
FHA’s Office of Single Family Housing Training ModuleCredit Reports FHA does not require a credit report on a non-credit qualifyingStreamline Refinance. The Mortgagee must obtain a credit report for a credit qualifyingStreamline Refinance. If the Mortgagee obtains a credit score, the Mortgagee must enter itinto FHAC. If more than one credit score is obtained, the Mortgageemust enter all available credit scores into FHAC.79
FHA’s Office of Single Family Housing Training ModuleFunds to Close The Mortgagee must verify Borrower’s funds to close, in excess ofthe total Mortgage Payment of the new Mortgage, in accordancewith Sources of Funds. Additionally, the Mortgagee may provide an unsecured interest-freeloan to establish a new escrow account in an amount not to exceedthe present escrow balance on the existing Mortgage.80
FHA’s Office of Single Family Housing Training ModuleMaximum Mortgage Amortization PeriodThe maximum amortization period of a Streamline Refinance is limitedto the lesser of: The remaining amortization period of the existing Mortgage plus 12 years;or 30 years.81
FHA’s Office of Single Family Housing Training ModuleMaximum Mortgage Calculation for StreamlineRefinance Transactions82
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating Maximum Mortgage Amountfor Streamline Refinance Transactions (cont.)83
FHA’s Office of Single Family Housing Training ModuleProcess: Calculating Maximum Mortgage Amountfor Streamline Refinance Transactions (cont.)84
FHA’s Office of Single Family Housing Training ModuleCase Study: Streamline Refinance Determine the Maximum Loan Amount for a Streamline Refinance. Tentative closing for the end of July, 201485
FHA’s Office of Single Family Housing Training ModuleCase Study: Streamline Refinance – PayoffTOTAL AMOUNT TO PAYLOAN IN FULLTHROUGH 07/31/2014 353,444.2986
FHA’s Office of Single Family Housing Training ModuleCase Study: Streamline Refinance87
FHA’s Office of Single Family Housing Training ModuleCase Study: Streamline Refinance – Result88
FHA’s Office of Single Family Housing Training ModuleExisting Subordinate Financing Existing subordinate financing, in place at the time of case numberassignment, must be resubordinated to the Streamline Refinance. There is no maximum CLTV.89
FHA’s Office of Single Family Housing Training ModuleNew Subordinate FinancingNew subordinate financing is permitted only where the proceeds of thesubordinate financing are used to: Reduce the principal amount of the existing FHA-insured Mortgage;or Finance the origination fees, other closing costs, or discount pointsassociated with the refinance.90
FHA’s Office of Single Family Housing Training ModuleCalculating the Mortgage Insurance Premium (MIP)For the purpose of calculating the MIP, FHA uses the original value ofthe property to calculate the LTV.91
FHA’s Office of Single Family Housing Training ModuleStreamline Refinance: Non-Credit QualifyingBorrower Eligibility: A Borrower is eligible for a Streamline Refinance without creditqualification if all Borrowers on the existing Mortgage remain asBorrowers on the new Mortgage. Mortgages that have been assumed are eligible, provided theprevious borrower was released from liability.92
FHA’s Office of Single Family Housing Training ModuleStreamline Refinance: Non-Credit QualifyingBorrower Eligibility: Exception A Borrower on the Mortgage to be paid may be removed from titleand Mortgage on a new loan in cases of divorce, legal separation, ordeath when:– The divorce
May 02, 2016 · FHA’s Office of Single Family Housing Training Module Upfront Mortgage Insurance Premium Refunds If the Borrower is refinancing their current FHA-insured Mortgage to another FHA-insured Mortgage within 3 years, a refund credit is applied to re
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