Monday, January 19, 2009

FHA Tid-Bit: Full-Qualifying vs Streamline Refinance

When does an FHA loan have to be full credit qualifying?

If the new loan amount is higher than the original loan amount, but, the new payment is less than 120% of the original payment, the loan is still an FHA Streamline.

But, if the payment goes over 120% of the original payment it becomes a full credit qualifying FHA loan.

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