TIP OF THE DAY- FHA STREAMLINE REFINANCE MORTGAGE HISTORY

 

TIP OF THE DAY- FHA STREAMLINE REFINANCE MORTGAGE HISTORY

 

Non-Credit Qualifying
The Borrower must have made all Mortgage Payments for all Mortgages on the subject Property 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 for all Mortgages on the subject Property.
The Borrower must have made the payments for all Mortgages secured by the subject Property within the month due for the month prior to mortgage Disbursement.
 
Credit Qualifying
For all mortgages on all properties with less than six months of Mortgage Payment history, the Borrower must have made all payments within the month due.
 
For all mortgages on all properties with greater than six months of Mortgage Payment history, the Borrower must have made all 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 Borrower 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 the Borrower’s credit report, the Mortgagee must obtain a verification of Mortgage to evidence payment history for the previous 12 months.
 
For policy information see Handbook 4000.1 II.A.8.d.vi.(C)(2)(b) available at https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

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justin brown