Showing posts with label FHA Streamline Refinance. Show all posts
Showing posts with label FHA Streamline Refinance. Show all posts

2013 Louisville Kentucky FHA Streamline Refinance Guidelines

2013 Louisville Kentucky FHA Streamline Refinance Guidelines

Louisville Kentucky FHA Streamline Refinances are FHA-to-FHA rate/term refinances designed to reduce the borrower’s principal and interest payments.  FHA offers the following types of processing:

• Streamline with Appraisal
• Streamline without Appraisal
Mortgage Payment History
The mortgage history must be 0X30 in the last 12 months, regardless of the AUS decision.
Net Tangible Benefit

The lender must determine that there is a net tangible benefit as a result of the streamline refinance transaction,
with or without an appraisal.  Net tangible benefit is defined as:
• reduction in the total
• refinancing from an adjustable rate mortgage (ARM) to a fixed rate mortgage,
mortgage payment (principal, interest, taxes and insurances, homeowners’
association fees, ground rents, special assessments and all subordinate liens),
• reduction in the term of the mortgage.

Reduction in Total Mortgage Payment:  The new total mortgage payment is 5 percent lower than the
total mortgage payment for the mortgage being refinanced.

Items that can be included in a Louisville Kentucky FHA  Streamline Refinance are:
• The existing unpaid balance
• Interest due for the current month on the FHA loan being paid off
• A credit for excess funds in the borrower’s escrow account
• A charge for escrow shortages or negative escrow balance due
Items that cannot be included in the streamline refinance payoff:
• Fax fees or other miscellaneous fees shown on the payoff
• Any other debt including seasoned subordinate liens or money due an ex-spouse
• The new loan may not include any delinquent interest accrued from late payments
Current FHA loan must be  FHA insured in the state of Kentucky .


• Existing second liens may be subordinated, max CLTV is 125%.
• Mortgage must be current at time of closing and be 0X30 in the last 12 months.
• Loan amount may exceed original mortgage amount if supported by current appraised value.
• Incidental cash back at closing limited to a maximum $500.

Kentucky FHA Streamline Guidelines
Maximum Loan Amount
The maximum loan amount is the lower of:
1)  97.75% of the appraised value of the property plus the new UFMIP that will be charged on the refinance
2) Outstanding principal balance minus the applicable refund of UFMIP, plus closing costs, prepaid items to
establish the escrow account and the new UFMIP that will be charged on the refinance.

• Current FHA loan must be FHA insured.
• Mortgage must be current at time of closing and be 0X30 in the last 12 months.
• Incidental cash back at closing limited to a maximum $500.
• Eligible on 203(b).
Maximum Loan Amount
To determine the maximum loan amount, use the outstanding principal balance minus the applicable refund
of the UFMIP plus the new UFMIP that will be charged on the refinance.
For other guidelines not listed in this manual, refer to general FHA (Federal Housing
Authority) guidelines located at: or

call 502 905 3708 for our free Louisville Kentucky FHA streamline Refinance analysis

Fill out my form!

Kentucky FHA Streamline Refinance

Kentucky FHA Streamline Refinance

Kentucky FHA Streamline Refinance

Welcome to the Kentucky FHA Streamline Refinance program! Our KY FHA lenders can help you save money each month on your FHA mortgage.  Want to take advantage of the current low rates?  No problem!  We service all areas of The Bluegrass State and we’re here to help!
This FHA Streamline Refi process is so simple that it’s been called “Streamline” because it allows you to refinance the interest rate on your current home mortgage rather quickly. Appraisals are usually not required and there is also less paperwork involved – saving both you and the lender time and money!
***Starting June 11, 2012 if you currently have an FHA loan you may qualify for a refinance that will reduce your upfront mortgage premium to only .01 percent and your annual premium of .55 percent!***
If you have an FHA Loan in Kentucky and want to refinance, use our free FHA Streamline Refinance Calculator below to start saving money each month.  

We service all areas of Kentucky including the areas below:
Louisville | Lexington | Bowling Green | Owensboro | Covington | Hopkinsville | Richmond | Florence | Georgetown | Elizabethtown | Nicholasville | Henderson | Jeffersontown | Frankfort | Paducah | Independence | Radcliff | Ashland | Madisonville | Winchester | Erlanger | Murray | St. Matthews | Fort Thomas | Danville | Burlington | Newport | Shively | Shelbyville | Glasgow | Berea | Bardstown | Shepherdsville | Somerset | Lyndon | Flatwoods | Lawrenceburg | Middlesborough | Mayfield | Mount | Washington | Campbellsville | Maysville | Edgewood | Versailles | Paris | Alexandria | Elsmere | Franklin | Harrodsburg | Fort Mitchell | Hillview | La Grange | London | Villa Hills | Oak Grove | Corbin | Middletown | Russellville | Highland Heights | Pikeville | Mount Sterling | Morehead | Leitchfield | Taylor Mill | Cynthiana | Lebanon | Princeton | Monticello | Wilmore | Central City | Bellevue | Cold Spring | Fort Wright | Douglass Hills | Union | Dayton | Williamsburg | Prospect | Crestwood | Vine Grove | Hazard | Columbia | Ludlow | Benton | Greenville | Scottsville | Grayson | Hurstbourne | Carrollton | Williamstown | Crittenden | Southgate | Crescent Springs | Walton | Stanford | Paintsville
 Kentucky fun facts:
  • Kentucky is the state where both Abraham Lincoln, President of the Union, and Jefferson Davis, President of the Confederacy, were born. They were born less than one hundred miles and one year apart.
  • The public saw an electric light for the first time in Louisville. Thomas Edison introduced his incandescent light bulb to crowds at the Southern Exposition in 1883.
Facing foreclosure on your Kentucky home?  Check out the The Kentucky Homeownership Protection Center for more information on what your rights are as a homeowner.

Fill out my form!

Kentucky FHA Streamline Refinance No Appraisal

Kentucky FHA loans

  1. Kentucky FHA loans are not as strict on credit scoring. We can go down to a 640 credit score with compensating factors and if it makes sense.
  2. High debt to income ratios: 31% / 55%
  3. 100% of down payment can be a gift from: relative, close friend, or employer. Currently Kentucky Housing will give you up to $6000.00 for downpayment assistance with Kentucky FHA mortgage loans
  4. Seller, builder, or realtor can pay up to 6% of the sales price towards the buyers closing costs,discount points, prepaids,  and up front mortgage insurance premium.
  5. Buyer can finance closing costs into the loan, except for prepaids and discount points.
  6. Credit criteria is not as strict as a Conventional loan.  In fact, you might qualify if you have filed a chapter 13 bankruptcy and have been in it for at least one year.
  1. Kentucky FHA mortgage insurance may be more expensive than Conventional mortgageinsurance.
  2. Maximum loan amounts are lower than conventional loans and they are determined by area.

Fill out my form!

Extraordinary Benefits Offered Louisville Kentucky FHA Streamline Refinance

Extraordinary Benefits Offered With Louisville Kentucky FHA Streamline Refinance

Now that the FHA Streamline Refinance is available for existing borrowers, FHA refinance applications are expected to soar. This FHA no cash out refi is a quick and easy process that will result in obtaining the current low FHA mortgage rates. It is estimated that millions of existing FHA borrowers will be able to take advantage of this opportunity which purpose is to provide a significant amount of savings each month through the extreme reduction of both the upfront mortgage insurance premium and the annual mortgage insurance premium. In order to be eligible for the FHA streamline refinance with no cash out, the borrower must hold a current FHA insured mortgage that was endorsed prior to June 1, 2009.
With today’s economy, the FHA streamline refinance offers borrowers one of the most sought after benefits not readily available for mortgages, debt to income ratios are not required. FHA borrowers who may not have the ability to qualify for a typical refinance can do so with much less credit documentation. Those who have a good mortgage payment history which is required, but late payments on other credit accounts, can still qualify for the FHA streamline refinance. Borrowers who have suffered an employment layoff or reduction in pay can also qualify for the FHA streamline refinance. Credit qualifying is not required as long as the long to value does not exceed 97.75% and the CLTV does not exceed 125%. Lenders even have premium pricing that can be used to cover the borrower’s closing costs if cash is not available for closing.
The FHA streamline refinance with no cash out does not require an appraisal for loan to value calculations. With this type of transaction, the LTV/CLTV will be taken from the current value that is shown through the FHA portal. This FHA refinance product, that has been available since the 1980′s, is truly a streamline refinance in every way. In order to find out if qualified for this program with reduced FHA insurance premiums, borrowers can submit an online inquiry right here without the need for extensive personal information or social security number. Borrowers who use this method can expect a response within minutes of their online submission. surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7 to 1% point origination fee.


Joel Lobb
Senior  Loan Officer

 phone: (502) 905-3708
 Fax:     (502) 327-9119

Fill out my form!

Kentucky FHA Streamline Refinance

Kentucky FHA Streamline Refinance


The Kentucky FHA streamline mortgage program is the perfect solution for existing Kentucky  FHA loans.

Learn More

One of the major benefits of having an existing Kentucky FHA loan is the ability to do a streamline refinance. Having already been approved by HUD once for a government insured FHA product, doing a streamline refi to improve your existing interest rate, or to shorten your loan terms is pretty straight forward and comes with reduced fees for closing.

If you don't presently have an Kentucky FHA mortgage, you will not be eligible for a streamline mortgage; however, we can refinance your existing conventional or sub-prime loan into an Kentucky FHA loan that will allow you to take advantage of the FHA streamline program in the future! Learn more! Call 502-905-3708-to get started.

With the FHA streamline mortgage program, so long as your loan payments have been on time for the prior 12 months, you can inexpensively take advantage of any improvements in market interest rates. Even if you had a "payment" bump in the road, you can still possibly qualify for a streamline mortgage refi with the right circumstances!

The process of refinancing an existing Kentucky FHA product is called an "Kentucky FHA Streamline" loan due to the fact it requires reduced documentation, and in many instances, requires no appraisal. Speak to one of our Kentucky FHA specialists ator use our quick quote to begin the application process for your next streamline refinance.

FHA Streamline Requirements


HUD has really simplified refinancing existing FHA loans.

Conditions include:

■Your loan must already be an FHA HUD insured loan

■The FHA loan must be at least 6 months old

■The refinance must lower the principle and interest payments by at least $50.00 per month or be converting from an ARM to a fixed rate mortgage

■The mortgage must have been on time for the most current 12 consecutive months and have no present lates/defaults on any government loan

■You cannot receive cash back

■An appraisal is required if rolling in your closing costs

■Any existing new liens must subordinate to the new mortgage

Fill out my form!