Get the free FHA Streamline Refinance Worksheet rev 8-09-11

FHA Streamline Refinance Worksheet (Must be completed and submitted with loan file to Underwriting) Date: Application Number: Applicant/Borrower: Subject Property Address: Credit Score Borrower(s)

How to fill out fha streamline refinance worksheet

How to fill out FHA streamline refinance worksheet:

1. Gather all necessary documentation: Before you begin filling out the FHA streamline refinance worksheet, make sure you have all the required documents handy. These may include your current mortgage statement, pay stubs, bank statements, and tax returns.
2. Fill out personal information: Start by providing your personal information on the worksheet. This typically includes your name, social security number, current address, and contact details.
3. Enter your loan information: Next, you will need to input your existing loan details on the worksheet. This includes the current principal balance, interest rate, and remaining term of your FHA loan.
4. Calculate new loan details: The worksheet will have sections to calculate the new loan details. This involves determining the new mortgage amount, interest rate, and term based on the FHA streamline refinance guidelines.
5. Include closing costs: Consider any closing costs associated with the refinance. These generally include fees for appraisal, title search, and loan origination. It's important to enter these accurately to calculate the final loan amount effectively.
6. Determine the net benefit: The FHA streamline refinance worksheet also requires you to calculate the net benefit of the refinance. This involves comparing the new monthly payment with the savings it offers over time. By subtracting the new payment from the old payment, you can determine the amount you stand to save each month.

Who needs FHA streamline refinance worksheet:

1. Homeowners considering an FHA streamline refinance: The FHA streamline refinance worksheet is essential for homeowners who are considering refinancing their existing FHA loan. It helps them evaluate the benefits and costs associated with refinancing.
2. Mortgage lenders and brokers: Lenders and brokers use the FHA streamline refinance worksheet to assist their clients in understanding the potential advantages of refinancing. It allows them to present the information accurately and guide borrowers through the process.
3. FHA-approved appraisers: Appraisers who assess the property value for an FHA streamline refinance may also require the information provided in the worksheet. It helps them understand the borrower's refinancing goals and assess whether the property meets the FHA guidelines.

In conclusion, the FHA streamline refinance worksheet is a crucial document for homeowners considering an FHA streamline refinance. By following the step-by-step process and including all relevant information, borrowers can better evaluate the benefits of refinancing. Lenders, brokers, and appraisers also utilize this worksheet to assist borrowers and ensure compliance with FHA guidelines.

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What is fha streamline refinance worksheet?

The FHA streamline refinance worksheet is a form used by borrowers to apply for a streamlined refinancing of their FHA-insured mortgage loan.

Who is required to file fha streamline refinance worksheet?

Borrowers who have an existing FHA-insured mortgage loan and want to refinance it using the streamline process are required to file the FHA streamline refinance worksheet.

How to fill out fha streamline refinance worksheet?

To fill out the FHA streamline refinance worksheet, borrowers need to provide information about their current FHA-insured mortgage loan, their financial situation, and details of the new loan they want to refinance into.

What is the purpose of fha streamline refinance worksheet?

The purpose of the FHA streamline refinance worksheet is to streamline the refinancing process for borrowers with existing FHA-insured mortgage loans, making it quicker and easier to refinance.

What information must be reported on fha streamline refinance worksheet?

The FHA streamline refinance worksheet requires borrowers to report details of their current FHA-insured mortgage loan, their income, assets, debts, and the terms of the new loan they want to refinance into.

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