HUD Guidelines On FHA Streamline Refinance Utah

This BLOG On HUD Guidelines On FHA Streamline Refinance Utah Was UPDATED On January 17th, 2018

USA Mortgage, a division of DAS Acquisition Company LLC NMLS 227262 is a direct lender with no mortgage overlays on government and conventional loans licensed in the state of UTAH. USA Mortgage, founded by CEO Doug Schukar and COO Linda Pring back in 2001 is the largest five star direct lender in the state of Missouri. The Gustan Cho Team at USA Mortgage is one of the few national five star mortgage banking companies with no mortgage lender overlays.

  • Both Doug Schukar and Linda Pring are hands on and has grown USA Mortgage from a 50 man mortgage boutique to a 1,000 team five star mortgage iconic company that has been growing year after year
  • Our business model is that we can close home loans where others cannot
  • Over 75% of our borrowers at The Gustan Cho Team at USA Mortgage are folks who either got a last minute mortgage loan denial or were told they do not qualify at other lenders due to their overlays
  • When we say USA Mortgage has no overlays, we mean ZERO OVERLAYS. USA Mortgage has grown from being licensed in three states to over 24 states
  • USA Mortgage is licensed in The State of Utah and has branch operations in Utah and is expecting to be the largest direct lender with no overlays in the state

Home Values And Utah Mortgage Loan Limits

FHA mortgage rates in early 2017 started to creep up.

  • With great news in the economy and the Dow Jones Industrial Average hitting new highs, mortgage interest rates has been rising
  • There is no sign of any correction
  • Home prices throughout the state of Utah has been rising
  • With rising home prices nationwide, both the Federal Housing Finance Agency (FHFA) and HUD (the parent of FHA) has increase conforming loan limits and FHA Loan Limits for two years in a row

Conforming Loan Limits in Utah has increased to $453,100. HUD increased FHA Loan Limits in Utah to $294,515

Refinancing With FHA Refinance Mortgage Utah

  • Starting in May of 2017, mortgage rates spiked up more than 1.0%
  • Many home buyers in Utah ended up with settling with mortgage rates in the high 4.0% and some as high in the upper 5.0%
  • Borrowers with under 620 credit scores often had pricing adjustments on their FHA Loans where they had rate higher than 5.0%
  • Depending on what mortgage rate borrowers have, right now is the time to think about going through a FHA Streamline Refinance Utah loan
  • USA Mortgage, a direct lender with no overlays and licensed in the state of Utah, offers FHA streamline refinance mortgage loans at competitive mortgage rates
  • The FHA streamline refinance needs to make financial sense
  • Homeowners need net tangible economic benefit of at least a reduction of 5% of the monthly mortgage amount in order to be worth while to the homeowner

No Credit Scores Required On FHA Streamline Refinance

There are many mortgage lenders that have their own mortgage lender overlays where they require a minimum credit score from FHA streamline refinance mortgage loan borrowers. USA Mortgage has streamline refinance loan programs that do not require minimum credit score requirements.

  • It does not matter whether credit scores are at 800 plus or at 400
  • Homeowners can have late payments, collections, charge offs, or other derogatory credit except their FHA mortgage payments
  • The only requirement is that borrowers have been timely on mortgage payment history for at least six months and not more than one time 30 days late in the past 12 months

No Income Verification Required On FHA Streamline Refinance Utah

With FHA streamline refinance UTAH, there are no income verification required.

  • Utah homeowners do need to be employed but we do not require any W-2s, verification of overtime income, verification of bonus income, or any other income verification
  • As long as you are employed, that is all that is required
  • It does not matter whether your debt to income ratio is at 20% DTI or at 150% DTI
  • As long as you are employed, that is all that is required

No appraisal Required On FHA Streamline Refinance Utah

With FHA streamline refinance Utah mortgage loans, there are no appraisal requirements.

  • The mortgage lender does not require a new appraisal so the value of the home does not matter

FHA Loans And VA Loans For Utah Home Buyers

The Gustan Cho Team at USA Mortgage has licensed loan officers in the state of Utah that can help home buyers get qualified on FHA and VA Loans with no lender overlays.

  • There are no credit score and debt to income requirements on VA Loans
  • We have no overlays on credit scores and debt to income ratios on FHA Loans in Utah

Here are our requirements on FHA and VA Loans. Both FHA and VA have similar mortgage guidelines:

  • 580 credit score for 3.5% down payment FHA Loans
  • We do not require any minimum credit score requirements on VA Loans
  • However, 580 credit scores is recommended by veteran borrowers to get an approve/eligible per automated underwriting system
  • Collections and charge off accounts do not have to be paid to qualify for VA and FHA Loans
  • Two year waiting period after Chapter 7 Bankruptcy discharged date to qualify for FHA and VA Loans
  • Borrowers can qualify for both VA and FHA Loans during and after Chapter 13 Bankruptcy
  • 12 months of on time payments required for borrowers currently in a Chapter 13 Bankruptcy Repayment Plan
  • Three year waiting period after foreclosure, deed in lieu of foreclosure, short sale to qualify for FHA Loans
  • Two year waiting period after foreclosure, deed in lieu of foreclosure, short sale to qualify for VA Loans

The Gustan Cho Team at USA Mortgage are direct lenders of VA and FHA Loans with no mortgage overlays.

Other Requirements To Qualify For FHA Streamline Refinance

Homeowners recently purchased their home in the state of Utah and are interested in doing a FHA streamline refinance Utah the minimum seasoning period is 6 months.

  • For those homeowners who purchased their homes last year at a high mortgage rate, they can qualify if they have made 6 months of timely mortgage payments
  • Every homeowner who have rates at or above 5.0% can benefit with a FHA streamline refinance Utah at today’s mortgage rates

For Utah homeowners with higher FHA mortgage rates with their current FHA Loans, please contact us at USA Mortgage at 262-716-8151 or email us at gcho@usa-mortgage.com.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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