| • | Must result in an immediate payment reduction to the borrower.
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| • | Generally, does not require documentation for verifying income, assets, credit rating, appraisal, or source of funds. However, GMG LLC will pull a full credit report to verify 620 or greater FICO scores for all borrowers. In addition, GMG will require a mortgage history only credit report, separate from the full report pulled by Underwriting...the originator will be responsible for procuring the mortgage history report and providing it to underwriting.
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| • | Designed to lower monthly payments on a current FHA-insured mortgage.
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| • | Cash back to the borrower not allowed, except for minor adjustments at closing, not to exceed $500.00.
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| • | Existing subordinate financing may remain in place (regardless of CLTV) if the borrower qualifies with payments on all liens.
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| • | Closed on or after 4/24/92, are exempt from the 0.50% annual premium of the mortgage, provided the loan being refinanced closed prior to 7/1/91.;
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| • | Mortgage history must reflect 0x30x12 to be eligible for purchase. Less than 12 months mortgage history on the subject property is acceptable, provided the payment history reflects 0x30. |
| • | Property must be owned minimum of 6 months (Title in borrower's name).
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| • | *** All North Carolina and Illinois FHA/VA Streamlines require full/standard verification of Income and Assets for all borrowers.
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Streamline Refinance w/o Appraisal: the “original value” must be obtained from the FHA Connection.
