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
|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**||
|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|
|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.
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00