**There are 2 types of streamline refinances - with or without an appraisal. The difference is in the maximum loan amount.
| Without Appraisal: |
|
| Maximum Loan Amount: |
Lesser of:
Original Principal Balance or
Principal bal on existing first lien + up to one month monthly MIP + the Mtg pmt. (PITI) that was due on the 1st (if not already paid) + up to 30 days interest for the current month + late charges + escrow shortages, minus MIP refund(if applicable), + borrower-paid closing costs + prepaid expenses (per diem interest to end of month on new loan + hazard ins deposits + real estate tax deposits + reasonable discount pts)
|
| Cash Out |
$500 maximum |
| Employment |
Verified |
| Income/Assets |
Not Verified |
| |
|
| With Appraisal: |
|
| Maximum Loan Amount |
Lesser of:
97.75% of Appraised Value or
Principal bal on existing first lien + up to one month monthly MIP + the Mtg pmt. (PITI) that was due on the 1st (if not already paid) + up to 30 days interest for the current month + late charges + escrow shortages, minus MIP refund(if applicable), + borrower-paid closing costs + prepaid expenses (per diem interest to end of month on new loan + hazard ins deposits + real estate tax deposits + reasonable discount pts)
|
| Cash Out |
$500 maximum |
| Employment |
Verified |
| Assets/Income |
Not Verified |
**There are 2 types of streamline refinances - with or without an appraisal. The difference is in the maximum loan amount.
| Without Appraisal: |
|
| Maximum Loan Amount: |
Lesser of:
Original Principal Balance or
Principal bal on existing first lien + up to one month monthly MIP + the Mtg pmt. (PITI) that was due on the 1st (if not already paid) + up to 30 days interest for the current month + late charges + escrow shortages, minus MIP refund(if applicable), + borrower-paid closing costs + prepaid expenses (per diem interest to end of month on new loan + hazard ins deposits + real estate tax deposits + reasonable discount pts)
|
| Cash Out |
$500 maximum |
| Employment |
Verified |
| Income/Assets |
Not Verified |
| |
|
| With Appraisal: |
|
| Maximum Loan Amount |
Lesser of:
97.75% of Appraised Value or
Principal bal on existing first lien + up to one month monthly MIP + the Mtg pmt. (PITI) that was due on the 1st (if not already paid) + up to 30 days interest for the current month + late charges + escrow shortages, minus MIP refund(if applicable), + borrower-paid closing costs + prepaid expenses (per diem interest to end of month on new loan + hazard ins deposits + real estate tax deposits + reasonable discount pts)
|
| Cash Out |
$500 maximum |
| Employment |
Verified |
| Assets/Income |
Not Verified |