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  • Fha Streamline Submission Checklist - Clearpoint Funding

Get Fha Streamline Submission Checklist - Clearpoint Funding

Mount of Current FHA Loan $ 2nd CALCULATION - Existing Indebtedness 1. 2. Unpaid Principal Balance (may include up to one month of monthly MIP if it is itemized on payoff statement + up to 60 days interest charged by servicing lender for the current month. UPB may not include late charges, escrow shortages, delinquent interest, and processing type fees) Minus LESSER of: a. Unearned UFMIP (from FHA Refinance Authorization or $ appropriate MIP Refund Schedule) - OR $ b. New Estimated UFMIP c.

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How to fill out the FHA Streamline Submission Checklist - Clearpoint Funding online

Navigating the FHA Streamline Submission Checklist can seem daunting, but with the right guidance, you can complete it efficiently. This guide provides step-by-step instructions to help you fill out the form online with confidence and accuracy.

Follow the steps to complete the form effectively.

  1. Click ‘Get Form’ button to obtain the form and open it for online completion.
  2. Enter the borrower name(s) at the designated field at the top of the form. Ensure the names are correctly spelled and as they appear on your official documentation.
  3. Input the CPF loan number, which is essential for tracking your submission correctly.
  4. Enter the FHA case number, as this helps identify your loan application within the FHA system.
  5. Proceed to the first calculation section and enter the total loan amount of your current FHA loan. This figure is crucial for determining your next steps.
  6. In the second calculation section, provide the existing indebtedness, starting with the unpaid principal balance. Include any applicable monthly MIP and interest as specified.
  7. Subtract the lesser of the unearned UFMIP or the new estimated UFMIP from the unpaid principal balance.
  8. Calculate the maximum base mortgage by determining the lesser value of either calculation from step 1 or step 2.
  9. Add the new UFMIP to the maximum base mortgage to determine the total new mortgage amount.
  10. Review all the entered information for accuracy, then proceed to save the changes, download, print, or share the completed form as needed.

Start completing your FHA Streamline Submission Checklist online today for a smoother refinancing experience!

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Pros and cons of FHA streamline refinances No credit check: Having a low credit score typically won't keep you from refinancing with this program. No income verification: Unlike with a conventional mortgage, you won't need to verify your income.

Income limits: This program has no income limits. Credit: There are two types of Streamline Refinances: credit qualifying, where the borrower provides income and credit documentation and the lender performs a credit check; and non-credit qualifying, where no credit check is performed.

Required 210-day waiting period after buying or refinancing. The FHA requires that borrowers make six on-time mortgage payments on their current FHA-insured loan and that 210 days pass from the most recent closing date in order to be eligible for a Streamline Refinance.

FHA Streamline Refinance This option allows you to refinance an FHA loan without the usual credit check and income verification. In some cases, you can also get an FHA Streamline Refinance without an appraisal. Your mortgage must already be an FHA loan to qualify for an FHA Streamline Refinance.

Except for credit qualifying streamline refinances, FHA does not require a credit report. The lender, however, may require this as part of its credit policy.

The FHA funding fee is made up of two mortgage insurance costs: first, you'll pay 1.75% of your loan value (UFMIP) upfront at closing, and then you'll pay . 40–1.05% every year after (MIP). Your MIP will be broken into monthly installments that are added into your mortgage payment.

FHA streamline refinance program requirements YOU MUST ALREADY HAVE AN FHA LOAN. ... YOUR MONTHLY PAYMENTS MUST HAVE BEEN MADE ON TIME. ... YOUR CREDIT SCORE WILL DETERMINE THE RATE YOU'RE OFFERED. ... YOUR CURRENT MORTGAGE WAITING PERIOD MUST BE OVER. ... YOUR REFINANCE MUST PASS A “NET TANGIBLE BENEFITS” TEST.

FHA does not require an appraisal on a streamline refinance. These transactions can be made with or without an appraisal. FHA does not require repairs to be completed on streamline refinances with appraisals, with the exception of lead-based paint repairs.

The basic requirements of a streamline refinance are: The mortgage to be refinanced must already be FHA insured. The mortgage to be refinanced must be current (not delinquent). The refinance results in a net tangible benefit to the borrower.

A non-credit qualifying FHA streamline loan is one where the borrower doesn't have to submit a brand new application with job and credit verification. The current loan acts as a sort of template for the new application and the entire process is much faster than the original FHA home loan, hence the term "streamline".

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232