Program highlights.
- No income documentation when not credit qualifying
- Mortgage-only credit report when not credit qualifying
- 1–4 units, and manufactured homes at 640+ when not credit qualifying
- Fixed terms down to 240 months
Key figures.
- Score from
- 580
- Streamline refinance, primary residence
- LTV
- Per FHA calculation
- Loans to
- Per FHA calculation
Limits by transaction.
Score · LTV · Loan in each cell, with the tier each needs beneath.
| Transaction | Primary residence | Investment |
|---|---|---|
| Streamline refinance | 580+ scorePer FHA calculation LTVloans to Per FHA calculation | 580+ scorePer FHA calculation LTVloans to Per FHA calculation |
What to know.
- Minimum FICO
- 580Manufactured housing requires 640 and has additional restrictions.
- Minimum loan
- $75KMaximum loan amount and leverage follow the FHA refinance calculation.
- Seasoning
- Payments & timing both matterAt least six payments and the applicable six-month / 210-day timing tests must be satisfied.
- Borrower benefit
- Net tangible benefit requiredCompare the existing and proposed structure under FHA’s benefit tests.
- Occupancy
- Primary & eligible investmentPayment-history requirements differ by occupancy.
- Second liens
- Existing liens may remainNew subordinate financing is not permitted; subordination documentation is required.
Documents.
Other programs.
Compare with
- GovernmentFHAPrimary-home financing with flexible down-payment options
- Score
- 500+
- LTV
- 97.75%
- Loan
- County limit
- GovernmentFHA Down Payment AssistanceCover the FHA down payment with a JMAC second, up to 101.5% CLTV
- Score
- 600+
- CLTV
- 101.5%
- Loan
- FHA county limit
- GovernmentVA IRRRLRate-reduction refinancing for existing VA borrowers
- Score
- 580+
- LTV
- 110%
- Loan
- $1.5M
Questions brokers ask.
Does this follow the standard FHA county ceiling?
Streamline refinances are not subject to the standard FHA loan limits. The permitted loan amount follows the FHA streamline calculation.
What if the property is manufactured housing?
Manufactured housing has a 640 minimum score, no high-balance loan amounts and additional review requirements. The general 580 score does not apply to that segment.
Your next borrower. Our next conversation.
Bring us your next FHA Streamline loan.
Send the scenario, ask JMAC a question, or get set up with your lending team.