Very Simple Steps to Originate an FHA Streamline
(Loan Programs 6052 & 6059)
Look how easy it is!
- Shortened loan application — No employment nor assets need to be listed on loan application
- Obtain FHA netting and refund information (DMC broker support can assist/train)
- Obtain title commitment
- Obtain copy of mortgage note
Submit the above to Direct Mortgage for closing!
***Contract Processing Option: You take the loan application and have us process the rest – for a small fee***
Your borrowers qualify for an FHA Streamline refinance if:
- They currently have an FHA Loan
- Mortgage payments must be current; Two (2) 30-day late payments are allowed in the last 12 months; One (1) 60-day late payment is allowed in the last 12 months. (This bullet point applies if switching to a lower interest rate)
- If not switching to a lower interest rate, i.e., going from an ARM to a FIXED rate, then all mortgage payments must have been on time during the past 12 months
- The refinance is "rate and term"
- If cash out is desired, credit qualifying with an appraisal is required
Note: Streamline refinances are designed to lower the principal and interest payments on a current FHA-insured mortgage. No more than $250 is allowed back to the borrower at closing. More cash back is allowed with a credit qualifying streamline.
Direct Mortgage offers FHA Streamlines, both Credit and No Credit Qualifying, and can help you become FHA sponsored if you are not already.
View Detailed FHA Streamline Fact Sheet . . .
Learn More About FHA Loans . . .
View a list of our FHA and other loan programs.