Ruling on FHA Streamline Loans Needing Appraisal

HUD has not issued any changes to the Streamline Refinance process.  Some lenders may have issued updated guidleines to require an appraisal on all refinances including any streamlines.

The maximum loan amount on an FHA Streamline Refinance without an appraisal is the lessor of:

• The original total loan amount (original base loan amount plus UFMIP)

• The payoff of the original loan plus closing costs and prepaid items less the UFMIP refund

Find the FHA guidelines here: http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.3.C.2 The maximum loan amount on an FHA Streamline Refinance with an appraisal is the lessor of:

• 97.75% LTV

• The payoff of the original loan plus closing costs and prepaid items less the UFMIP refund

The borrower may receive no more than $500 cash at close.

Find the FHA guidelines here: http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1.3.C.3