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Can one of you nice professionals explain the requirements for a streamline fha refinance?

Is it true that as long as I have not missed payments, I can do a fast refi? what exactly should I be asking my current servicer? Does it have to be thru them? by JoePenone from Rancho Cuccamonga, California. Mar 7th 2013 Reply


Dustin Campana (Dustin_Campana)
#861 ranked lender in California - 3 contributions

Joe- there are 2 types of streamline refinances within FHA. One is credit Qualifying and the othewr is Non-credit qualifying. there are optiosn to not have an approsail be required as well.Contact me if you would like more information.

Mar 7th 2013
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

You don't have to use your current servicer.. in fact, it's advised you don't.. FHA requirements and lender requirements are 2 different things.. FHA requires that you not have more than 1x30 day late payment in the last 12 months, and if the refinance requires cash to close, that you verify the funds are yours and not borrowed (bank statement).. You must also have to meet the "Net Tangible Benefit" requirements, and be employed.. The lender on the other hand will have minimum credit score requirements, (most want 640 or above), Some lenders require "mortgage only" credit report with score, others require a full tri merge credit report.. Some lenders want 0x30 in the last 12, they may ask for pay stubs, tax returns, w2's etc.. Each lender is different... I will say that for most lenders, it's the easiest refinance you can do, since most won't ask for a bunch of paperwork.. But that's the benefit of working with a broker vs. the local bank or your current servicer.. The broker, working with numerous lenders vs. just one, has numerous different lending programs seeking out the best fit for your scenario.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Mar 7th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

It is true as long as you have current pay stubs to show you are employed for the last 30 days. You do not need to go through your current servicer. Best Of Luck!

Mar 7th 2013
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Jonathan Rhode (jrhode)
#184 ranked lender in California - 130 contributions

Joe-There are quite a few bennifits to the streamline refinace. Also, to answer your question about your existing lender. you most definatly do not need to go back through them. Feel free to contact me and I would be more than happy to go over the details of your scenario with you.1-877-401-1389 xt 103 or jrhode@cstonemortgage.com

Mar 7th 2013
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Debi Copfer (Professional)
#70 ranked lender in Utah - 6 contributions

Yes, that's the beauty of doing a Streamline Refinance they are fast!!!:) We won't need income or appraisal. Just a few minutes on the phone and I can take the app, get it over for signatures and get you uploaded and ready for Processing and close you this month. Call me: 801-897-3324 Debi debi@dcfloans.com. I look forward to helping you!!

Mar 7th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

Contact one of the lenders here on Lender411, who have responded to your request.

Mar 7th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 400 contributions

If you are underwater the obvious choice would be a streamline without an appraisal. If you can qualify for the new loan based on your income and employment history you will probably get a better deal (i.e. lower closing costs or a lower rate but most likely not both). I don't lend in CA so I recommend contacting one of the professionals that responded who do.

Mar 7th 2013
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Jason Vondrak (jvondrak)
#219 ranked lender in California - 1,741 contributions

You are not required to do an FHA streamline through your current lender, you can complete the refinance with any lender. You will need to provide your pay stubs to prove that you are currently employed, but you will not need to complete an appraisal or a income verification. We are a mortgage brokerage located in San Diego that specializes in refinance. Feel free to give us a call at 858-605-0952 if you would like to discuss an FHA streamline refinance in detail.

Mar 7th 2013
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Meena Iskander (Miskander)
#0 ranked lender in California - 18 contributions

Hi Joe I am a loan officer here in Irvine, California I would love to get you to streamline your property it is very simple.all you need is current paystubs just to show that you are still employed also by law you should be saving at lease a 5% tangible our company has aggressive rates and great niches If you give me a call I can quote you on a rate and let you know how much you are saving. Contact me at 201-673-7205

Mar 7th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, you do not need to use your current servicer, in fact it will most likely be in your best interest not to use them both for for speed of getting the loan done and for a better rate. Contact all the Lender411 loan officers that applied and pick the one you like best.

Mar 7th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,027 contributions

The FHA Streamline is one of the coolest loans out there. It is not as "streamlined" as the name sounds. You must be current the last 12 months, you must have income, and you must save at least 5% over your current payment. You may also need to meet minimum credit scores. Probably the WORST place your can do an FHA Streamline is with your current servicer. Good thing you don't have to use them. Contact a local mortgage broker in your area. In MN or WI, visit www.FHA-Streamline-Refinance-MN.com

Mar 7th 2013
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Jeff Albrecht (Doctor_Mortgage)
#94 ranked lender in Texas - 77 contributions

Joe: Drop me an email, I lend in California. We are a Mortgage Banker, and I can walk you thru the "pros & cons" of the differences. JAlbrecht@PrimeLending.com We are direct with Fannie Mae and other banks/investors. My # is 512-381-4643. Thanks...Jeff

Mar 7th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

All are correct here, you do not need to use your current servicer. Actually, I wouldn't recommend it. You will get a better deal going through someone else. Your existing lender is probably swamped and a Big Bank, thus you will not receive the best rate quote. Find a lender on this site instead.

Mar 7th 2013
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