FHA Streamline Matrix

FHA - No Credit Qualifying Streamline Refinance
Minimum Credit Score 640
Maximum Loan Amount: $625,500 *
Program Type
Occupancy
Units
LTV
CLTV
Streamline w/appraisal
Owner-occupied
1
97.75%
110%
Streamline w/o appraisal
Owner-occupied
1
N/A
110%
Streamline Case Numbers Assigned on or after 6-11-12 with an
FHA Endorsement on or before May 31, 2009
(Regardless of Loan Amount)
Up-Front MIP
0.01%
Annual MIP
0.55%
Case Numbers Assigned on or after 4-1-13
Up-Front Mortgage Insurance Premium
Annual Mortgage Insurance Premiums
determined by loan amount.
UFMIP - Streamline
1.75%
Loan Amount
Annual MIP
LTV > 95% and term > 15 years
LTV and Loan Term
≤ $625,500
1.35%
Loan Amount
>$625,500
Annual MIP
1.55%
LTV ≤ 95% and term > 15 years
≤ $625,500
1.30%
>$625,500
1.50%
LTV > 90% and term ≤ 15 years
≤ $625,500
0.70%
>$625,500
0.95%
LTV 78.01% - 90% and term ≤ 15 years
≤ $625,500
0.45%
>$625,500
0.70%
LTV ≤ 78% and term ≤ 15 years
≤ $625,500
0.45%**
>$625,500
0.45%**
* Maximum loan amount cannot exceed the statutory limit for each county/MSA as determined by FHA. See HUDs website at
https://entp.hud.gov/idapp/html/hicostlook.cfm for eligible areas and loan limits that may be higher or lower.
** The Annual MIP identified above is effective for all case numbers assigned on or after Monday, June 3, 2013. Prior to
Monday, June 3, 2013 there is no charge for an Annual MIP premium.
Footnotes:
1. Must have a tangible benefit to the borrower as defined by FHA. See the Net Tangible Benefit Topic of the Program Notes for
specific requirements.
2. Credit reports required on all transactions to ensure borrower(s) meet minimum credit requirements. If a credit report is not provided
by one of Rushmore's approved credit reporting vendors, Rushmore will re-pull credit. See Rushmore's Lending Guide Section
606.1 – Underwriting – Credit & Liabilities – Credit Reports for a list of Rushmore approved credit vendors.
3. The maximum loan amount cannot exceed the lesser of the:

Original Principal Balance OR

Outstanding Principal Balance, plus up to 2 months’ interest and monthly MIP on the outstanding FHA loan minus the
MIP refund, if applicable, plus the new Up Front MIP.
The Streamline transaction cannot close with zero funds from the borrower. Certain fees must be paid from the borrower’s own
funds as follows:

Buydown/Corp subsidy costs, fax, obligation, property inspection and special handling fees or recording costs.
NOTE: Interest due on the demand greater than 60 days must be paid by the borrower. In accordance with HUD, premium pricing
(lender Credit) may be used for closing costs and prepaid costs only on the new FHA loan.
4. High Balance Streamline Refinance transactions require an FHA Case number assigned on or after 11-17-09. See Program Notes
for additional information.
5. Existing subordinate financing may remain in place but must subordinate to the new mortgage.
6. The maximum insurable mortgage cannot exceed the outstanding principal balance minus the applicable refund of the UFMIP plus
the new UFMIP that will be charged on the refinance. The outstanding principal balance may include interested charged when the
payoff is not received on the first day of the month but it may not include delinquent interest, late charges or escrow shortages.
.
Revised 06/27/14
© 2013 Rushmore Loan Management Services LLC. All rights reserved. Intended for use by Mortgage Professionals only. Additional criteria may apply. Visit: www.rushmorehl.com.
Page 1 of 4
FHA - No Credit Qualifying Streamline Refinance
4506-T
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AUS
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The FHA Streamline Refinance is a manual underwrite. An automated underwrite is ineligible.
Arizona, California, Connecticut, Illinois, Indiana, Nevada, New Jersey, New York, Oregon and Washington.
Available
Markets
Borrowers –
Eligible
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Cash Reserves
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Credit History
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Borrowers Ineligible
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A signed and completed 4506-T is required for all borrowers, at application, not required to be processed at closing.
U.S. citizens, permanent resident aliens and non-permanent resident aliens are eligible.
All borrowers must have a valid social security number.
Non-Permanent Resident Aliens: subject property must be owner occupied. Borrower must provide an unexpired
Employment Authorization Document (EAD) issued by the United States Citizenship and Immigration Services or an
unexpired visa. Eligible visa types are H series, L, E-1, G series or TN. If the EAD will expire within one year and a prior
history of residency stats renewals exists, renewal may be assumed. If no prior renewals, the likelihood of renewal must be
determined by information from the United States Citizenship and Immigration Service.
Borrowers may be added as long as the existing borrower(s) remain on the Note and Deed. Credit qualifying is not required
to add a borrower.
Borrowers may only be removed due to the following:

Following an assumption, that did not contain a due-on-sale clause, that occurred more than 6 months prior to the
application and the borrower can document that they have been making the mortgage payments during this time, or

Following an assumption or quit claim that occurred more than 6 months prior to the applications, that did not
trigger the due-on-sale clause (i.e. property transfer due to divorce or death), and the remaining borrower can
document that they have been making the mortgage payments during this time.

If a borrower is being removed for any other reason than stated above, loan will be countered to regular rate and
term. See 4155.1 6.C.2.d and 6.C.3.c.
NOTE:
For the purpose of the second and third bullet points above, credit qualifying is required and the DTI cannot
exceed 31%/43%.
Borrowers and/or parties to the transaction on HUD's Exclusionary List.
Borrowers with non-traditional credit
Foreign nationals and borrowers with diplomatic immunity
Not required
FHA does not require credit to be evaluated on no-credit qualify Streamline transactions, however, Rushmore will review
and analyze the borrower’s credit pattern on all Streamlines to determine if the borrower has the ability to meet their
obligations. No-credit qualifying Streamline loans may be subject to the following based on the underwriter's review.
Borrowers are required to have an established credit history.
Collections/charge-off accounts are not required to be paid at close.
Tax liens are to be paid off prior to closing unless the lien will subordinate to the first TD or the borrower has a repayment
plan and has been making timely payments for a minimum of 12 months.
Borrower to provide a letter of explanation for derogatory credit.
Borrower to provide a letter of explanation for inquires within the past 90 days.
Borrower must explain all collections and judgments in writing.
Chapter 7 Bankruptcy:

Two years from date of discharge of BK is required. Borrower must have re-established good credit or the
borrower must not have obtained new credit.

Three years if bankruptcy included real estate, whether principal residence or other real property
Chapter 13 Bankruptcy:

Three years of the pay-out period has occurred with all required payments having been made on time, and

The bankruptcy court must provide written permission for the borrower to obtain a loan.
Foreclosure/Deed-in-Lieu/Short Sale:

Three years from date of discharge is required whether principal residence or other real property. Exceptions may
be granted in cases of extenuating circumstances such as serious illness or death of the wage earner, and the
borrower has re-established good credit since the foreclosure. Divorce or inability to sell a property due to
relocation is not considered an extenuating circumstance by FHA.
The minimum credit score is 640.
All borrowers must have a minimum of (1) credit score
Streamline, manual underwrite only.
All case numbers must be less than 4 months old at submission. The loan must close within 30 days to provide sufficient
time for the loan to be insured prior to FHA's 6 month cancellation policy.
Verbal verification of employment (VVOE) is required
Self employed borrower business must be verified through a 3rd party source
Documentation
Types
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Employment /
Income
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
Escrows
Required for all transactions regardless of LTV
Interest Only
Ineligible
Credit Scores
.
Revised 06/27/14
© 2013 Rushmore Loan Management Services LLC. All rights reserved. Intended for use by Mortgage Professionals only. Additional criteria may apply. Visit: www.rushmorehl.com.
Page 2 of 4
FHA - No Credit Qualifying Streamline Refinance
Maximum Loan
Amount
Mortgage
Insurance
Premium (MIP)
Mortgage/Rental
Payments
Mortgage
Seasoning
Multiple
Properties
Owned
Net Tangible
Benefit
Programs
Properties –
Eligible
Properties –
Ineligible
Properties –
Ineligible
• The maximum loan amount cannot exceed the statutory limit for each county/MSA. The statutory limit varies by program and
number of units. See https://entp.hud.gov/idapp/html/hicostlook.cfm to look up the maximum loan amount for the number of units
of the property for the county or MSA of the property location.
Streamline Refinance without an appraisal:
 The maximum loan amount is the current principal balance, plus 30-60 days of interest and monthly MIP on the
outstanding FHA loan minus any refund of the UFMIP, plus the new UFMIP, if it will be financed
 Cash back to the borrower is ineligible.
Streamline Refinance with an appraisal:
 The maximum loan amount is the lower of the following:

97.75% of the appraised value of the property plus the new UFMIP, or

The current principal balance, plus 30-60 days of interest and monthly MIP on the outstanding FHA loan minus
any refund of the UFMIP, plus the new UFMIP if it will be financed

Cash back to the borrower is ineligible.
NOTE: FHA does not allow closing costs, discount items, prepaid items, etc. to be included in the loan amount on Streamlines.

Mortgage insurance is required on all transactions including an up-front MIP and an annual premium.

See page 1 for MIPs based on case number assignment date.
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0 x 30 mortgage lates in previous 12 months on all mortgages
If subject loan seasoned > 6 months but <12 months, 0 x 30 is required since loan inception; any other mortgage 0x30 in 12
months.
All payments must have been made in the month due.
Borrower must have made at least 6 monthly payments at time of case number assignment. Less than 6 monthly payments
are ineligible. At minimum, 210 days have passed from the closing date of the mortgage being refinanced.
Rushmore limits its exposure to a maximum of 4 loans financed, including borrower’s principal residence.
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A net tangible benefit to the borrower is required.
From a Fixed Rate to a Fixed Rate: New payment must have a reduction of at least 5% of the P&I and MIP.
From a Fixed Rate to a Hybrid ARM*: New payment must have a reduction of at least 5% of the P&I and MIP.
From a 1-year ARM to a Fixed Rate: The new interest rate cannot be greater than 2% above the current rate of the ARM.
From a 1-year ARM to a Hybrid ARM: The new interest rate must be, at minimum, 2% below the current interest rate.
From a Hybrid ARM (during the fixed period) to a Fixed Rate: New payment must have a reduction of at least 5% of
the P&I and MIP.

From a Hybrid ARM (during the fixed period) to a Hybrid ARM: New payment must have a reduction of at least 5% of the
P&I and MIP

From a Hybrid ARM (during adjustable period) to a Fixed Rate: The new interest rate cannot be > 2% above the current
interest rate.

From a Hybrid ARM (during adjustable period) to a Hybrid ARM: New interest rate must be, at minimum, 2% points below
the current interest rate.

Reducing the term of a mortgage is acceptable on a streamline refinance if the new mortgage meets the net tangible
benefit test above.
* Hybrid ARM is any ARM term > 1 year.

Fixed rate 15, 20, 25 or 30 year term
NOTE: The maximum term of the new mortgage is the lesser of 30 years or 12 years beyond the term of the existing loan

Attached/detached

Condominium project approval does not need to be verified.

PUD’s in HUD approved projects

Single family

2-4 units

Board and care homes

Commercial properties

Condotels
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Co-ops

Earth-berm homes

Leasehold

Manufactured and modular homes

Properties with a second home occupancy

Property classified for agriculture use according to the ad valorem tax designation

Unique properties

Unit in a cooperative project

Vacant land not purchased in conjunction with a construction loan
.
Revised 06/27/14
© 2013 Rushmore Loan Management Services LLC. All rights reserved. Intended for use by Mortgage Professionals only. Additional criteria may apply. Visit: www.rushmorehl.com.
Page 3 of 4
FHA - No Credit Qualifying Streamline Refinance

Working ranches/farms
Rental/Mortgage
History

See Mortgage/Rental History.
Subordinate
Financing

No new subordinate financing. Existing subordinate financing may remain in place but must be resubordinated to the new
mortgage.
There is a maximum 110% CLTV, see 4155.1
No credit qualifying Streamline refinance
Owner-occupied only. Borrowers who have re-occupied a former investment property within the previous 12 months are
ineligible for a Streamline refinance. See Rushmore's FHA Standard matrix for requirements.
Submitting broker must be approved by Rushmore Home Loans prior to submitting loans for FHA programs.
Fixed rate product only
ARM transactions
Occupancy of second home
Purchase, rate/term, and cash-out transactions – See Rushmore’s FHA Standard Program Matrix for information on these
transaction types
Streamline 203K.
Texas Section 50(a)(6) loans
Transactions –
Eligible
Transactions –
Ineligible
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.
Revised 06/27/14
© 2013 Rushmore Loan Management Services LLC. All rights reserved. Intended for use by Mortgage Professionals only. Additional criteria may apply. Visit: www.rushmorehl.com.
Page 4 of 4

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