FHA Simple Refinance​

The FHA Simple Refinance program from Carrington Mortgage Services, LLC is a no cash-out option for existing FHA-insured mortgage refinance loans. No requirement for 6 full payments (210 day requirement) as with a typical FHA Streamline loan. Carrington has the loan programs and service that let you deliver for your credit-challenged borrowers.

FHA SIMPLE REFINANCE PRIMARY BENEFIT

• Reduced annual and UFMIP* and the ability to roll new loan costs into existing loan balance

Comparison of Refinance Programs	FHA Non-Credit Qualifying Streamline	FHA Credit Qualifying Streamline	FHA Simple Refinance	FHA Rate/Term
Closing costs & prepaid incl. in loan amt.	No	No	Yes	Yes
Reduced UFMIP/ANNUAL MIP for FHA endorsed mortgage on/before 05/31/19**	UFMIP .01% ANNUAL .55%	UFMIP .01% ANNUAL .55%	UFMIP .01% ANNUAL .55%	UFMIP 1.75% ANNUAL .85%
6 full payments since 1st payment date and 210 days since original note	Yes	Yes	No	No
Streamline net tangible benefits required	Yes	Yes	No	No
Same borrowers required+	Yes	No	No	No
Existing FHA Insured Mortgage	Yes	Yes	Yes	No
Income & reserves required	No	Yes	Yes	Yes
Appraisal required	No	No	Yes	Yes
Max LTV/CLTV	N/A	N/A	97.75++	97.74++
NOO/second homes allowed	Yes	Yes	No	No

*Current loan must have case endorsed on or before 5/31/2009 to be eligible for reduced MIP factors. After that date, standard FHA UFMIP of 1.75% and annual fee of .85% apply.

**Rate/Term refinance UFMIP and Annual MIP vary based on term and LTV. See FHA MIP chart.

+All original borrowers required for non-credit qualifying (except in the case of death/divorce) and only one original borrower is required for credit qualifying and simple refinance.

++Max LTV 97.75% with minimum 580 FICO. Max LTV 90% with minimum 500 FICO.