FHA Streamlines No Appraisal & Lower Rates
Post date: Jan 31, 2013 6:0:37 AM
No AVM Required on FHA Streamlines, Express Loan Hit Reduced!
Dear Valued Customer,
Effective with loan submissions on or after January 30, 2013, our Investor does not require Automated Valuation Model (AVM) on FHA Streamline loans.
Good news just doesn't end there! Effective with loans locked on or after January 30, 2013 under the Best Efforts channel, Express Loan hit has been reduced from 0.625 to 0.375 for all Government Loans.
FHA Streamline loans with credit score less than 680 must be either income qualified or have 3 months' PITI reserves to qualify for Prime Loan pricing. All FHA streamline with credit score 680 and above are eligible for Prime pricing without income or asset qualification.
NOTE: Effective date for reduction of Express Loan hit for AOT / Direct trade / Mandatory channel is February 1, 2013. Please contact Trading Desk for any questions.
If you have any questions, please contact your Account Executive.