Source: http://cnycn.org/knowledgebase/fha-refinance-programs/
Timestamp: 2017-09-20 02:11:06
Document Index: 77553186

Matched Legal Cases: ['art 1', 'art 1', 'art-1', 'art-1', 'art 2', 'art 2', 'art-2', 'art-2']

FHA Refinance Programs - Center for New York City Neighborhoods
The most straightforward way to determine whether a loan is an FHA-insured loan is to look at the mortgage, which is available online in ACRIS or the County Clerk’s office. FHA loans have an FHA case number in the top-right corner of the mortgage. Another way is to look at the mortgage statement and to see if there is a line item for a Mortgage Insurance Premium (MIP).
The FHA Streamline Refinance is a program analogous to HARP for FHA loans, scheduled to take effect by October 2017 as a replacement for HARP. In the FHA Streamline Refinance, the borrower is refinanced either into a lower interest rate or from an adjustable rate to a fixed rate. As with HARP, origination fees do apply, but are financed, rather than paid out of pocket.
The mortgage must already be FHA insured.
The borrower must have a perfect payment history stretching back 12 months.
The refinance will result in a lower monthly principal and interest payments.
There is no verification of employment, nor are pay stubs, W-2s or tax returns required for approval.
The borrower can be unemployed and get approved for a FHA Streamline Refinance so long as he or she still meets the other program requirements.
FHA does not verify credit scores as part of the FHA Streamline Refinance program.
The borrower must demonstrate that there’s a net tangible benefit in the refinance.
What is considered a net tangible benefit can vary from servicer to servicer, but refinancing from an ARM into a fixed rate loan could fall into that category.
GSE Streamlined High LTV Refinance
[NHNLA] Financial Capability I: Financial Counseling
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[NCRC] Webinar: Cultural Sensitivity - Part 1
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[The Counselor's Corner Webinar] CreditSmart Training Series for New Instructors Part 2
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