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misteryu
55 Posts |
 Posted - 05/13/2008 : 1:23:56 PM
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| How long does a borrower need to be on an FHA insured loan before we can streamline them? I'm hearing it's a minimum of 3 months, and some saying it's 6 months as long as we have 12 month total clean mortgage history. |
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jhaaland
78 Posts |
Posted - 05/13/2008 : 2:02:42 PM
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| You can streamline anytime after FHA insures the loan |
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misteryu
55 Posts |
Posted - 05/13/2008 : 3:06:16 PM
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| That's what I figured. One AE told me that if it's seasoned less than 6 months it has to be full credit qualifying. Any inputs? I'm sitting on 2 files like a duck. -_- |
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ladysammm
276 Posts |
Posted - 05/13/2008 : 6:37:31 PM
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For clarity. Seasoning is an issue when the borrower did not acquire the property using FHA for credit qualifying approval.
If the borrower purchases using FHA, they can refinance at anytime as a R/T streamline as long as their is a tangible benefit to them. Payment reduction. Without an appriasal is allowed when the new loan amount does not exceed the original principle loan amount.
An appraisal is required when the new loan amount does exceed the original principle loan amount.
Six months seasoning is required to refi as a result of the borrower being added to title and is not on the original note. 12 months seasoning is required for a cashout transaction weather the borrower originally purchased or was added to title.
pam.kirchner@assurityfinancial.com Wholesale AE |
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misteryu
55 Posts |
Posted - 05/13/2008 : 7:01:00 PM
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| so if I closed then on January 14-2008 I have to wait until 6 months? |
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ladysammm
276 Posts |
Posted - 05/13/2008 : 7:07:17 PM
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| Depends, which of the above scenarios fit. |
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misteryu
55 Posts |
Posted - 05/13/2008 : 10:21:06 PM
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| i refinanced her INTO an fha loan in january. she did not buy house with FHA loan, but i financed her into it. |
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ladysammm
276 Posts |
Posted - 05/13/2008 : 10:28:59 PM
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| if she already has an FHA loan she should be eligible to refi streamline as long as there is tangible benefit to borrower, at least 50.00 reduction in payment. |
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misteryu
55 Posts |
Posted - 05/13/2008 : 11:27:18 PM
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| well when I refinanced her it was a Manual U/W, so I had a big hit in rate (7%). So now I'm going to streamline her to a lower rate. |
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