Get the free FHA Streamline Worksheet

FHA Streamline Worksheet×FOR THIS WORKSHEET, WHEN THE NEW FLIP IS LESS THAN 1%, A ZERO MUST BE ENTERED IN FRONT OF THE DECIMAL POINT FOR CORRECTLY (0.01)* ALL STREAMLINES: Cannot include delinquent

How to fill out fha streamline worksheet

How to fill out fha streamline worksheet

1. To fill out the FHA Streamline Worksheet, follow these steps:
2. Start by downloading the FHA Streamline Worksheet form from the official FHA website.
3. Gather all the necessary information and documents required for the worksheet, such as your current loan information, income details, and property information.
4. Begin filling out the worksheet by entering your personal information, including your name, address, and contact details.
5. Provide details about your existing FHA loan, such as the loan number, original loan amount, and current outstanding balance.
6. Enter the interest rate on your current FHA loan and any applicable upfront MIP (Mortgage Insurance Premium) rate.
7. Provide information about any existing subordinate liens or second mortgages on your property, including their amounts and monthly payments.
8. Fill in the requested information about your current mortgage payment, including the principal and interest amount, escrow payment, and total monthly payment.
9. If you received any cash-out proceeds from your original loan or any subordinate liens, indicate the amount on the worksheet.
10. Specify whether you want to finance the upfront MIP into the loan amount or pay it separately.
11. Calculate the new loan amount by subtracting the upfront MIP (if financed) from the current outstanding balance and adding any cash-out proceeds.
12. Fill in the proposed new interest rate and loan term, if applicable.
13. Provide information about your property, such as its type, address, and current appraised value.
14. Specify whether you want an appraisal or rely on the existing appraised value.
15. Indicate the total closing costs for the new loan, including any prepaid expenses, origination fees, and other charges.
16. Review all the entered information for accuracy and completeness.
17. Sign and date the FHA Streamline Worksheet.
18. Submit the completed worksheet to your lender or loan officer for further processing.

Who needs fha streamline worksheet?

1. The FHA Streamline Worksheet is required for individuals who want to refinance their existing FHA loans through the streamline refinance program.
2. It is specifically designed for borrowers who already have an FHA-insured mortgage and wish to take advantage of the simplified refinancing process offered by the FHA Streamline Refinance program.

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What is fha streamline worksheet?

The FHA Streamline Worksheet is a document used by lenders to process FHA Streamline Refinance applications. It helps in gathering necessary information and ensuring that all eligibility criteria are met.

Who is required to file fha streamline worksheet?

Lenders submitting FHA Streamline Refinance applications on behalf of borrowers are required to file the FHA Streamline Worksheet.

How to fill out fha streamline worksheet?

To fill out the FHA Streamline Worksheet, gather the required borrower and loan information, including the current loan details and the proposed loan terms. Follow the specific instructions on the worksheet to ensure all necessary fields are completed accurately.

What is the purpose of fha streamline worksheet?

The purpose of the FHA Streamline Worksheet is to facilitate the efficient processing of FHA Streamline Refinance applications while ensuring that all required information is collected and eligibility is verified.

What information must be reported on fha streamline worksheet?

The information that must be reported on the FHA Streamline Worksheet includes borrower identification details, current loan information, new loan terms, and verification of occupancy, income, and employment if applicable.