What are the FHA mortgage payment history requirements to FHA Streamline Refinance?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: FHA QuestionsWhat are the FHA mortgage payment history requirements to FHA Streamline Refinance?
Thomas Martin Staff asked 5 years ago
What are the FHA mortgage payment history requirements on an FHA Streamline Refinance?

 

Non-Credit Qualifying
FHA mortgage applicants must have made all Mortgage Payments for all FHA Mortgages on the subject Property within the month due for the 6 six months prior to case number assignment and have no more than one 30-Day late payment for the previous six months for all FHA Mortgages on the subject Property.
FHA mortgage applicants must have made the payments for all Mortgages secured by the subject Property within the month due for the month prior to mortgage Disbursement.

FHA Mortgage Credit Qualifying
For all mortgages on all properties with less than six months of Mortgage Payment history, the FHA mortgage applicants must have made all payments within the month due.

For all FHA mortgages on all properties with greater than six months of Mortgage Payment history, the FHA mortgage applicants must have made all FHA Mortgage Payments within the month due for the six months prior to case number assignment and have no more than one 30-Day late payment for the previous six months. The FHA mortgage applicants must have made the payments for all Mortgages secured by the subject Property within the month due for the month prior to mortgage Disbursement.

If the Mortgage on the subject Property is not reported in theFHA mortgage applicants’ credit report, the Mortgagee must obtain a verification of Mortgage to evidence payment history for the previous 12 months.

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