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When “Yes” is selected, and upon submission of the case transfer, all electronic appraisals submitted for that case that have been uploaded as PDFs will be visible to the new lender.November 13, 2018 - Two of the big questions borrowers have about FHA Streamline Refinance loans is whether they require a home appraisal and/or a seasoning period.FHA loan rules permit the lender to require appraisals even when the FHA does not.
For B2G connections, changes can be submitted beginning February 25, 2019, but will not be required until April 1, 2019.
Also effective for case numbers assigned on or after February 25, 2019, the Case Transfer screen in FHA Connection will be modified to enable mortgagees to electronically transfer appraisals at the time of case transfer process.
A home appraisal is generally required of mortgage loans to establish the fair market value of the home based on current market conditions, and the seasoning period is the time you must wait before applying for a refinance loan after the initial mortgage.
What are the rules for FHA Streamline Refinancing in these areas?
Those rules can be found in HUD 4000.1, which is the FHA loan handbook.
For FHA Streamline refi loans, which are for existing FHA mortgages only and not for any non-FHA loans, the appraisal requirement is essentially down to whether or not the new loan amount has increased the borrower’s monthly payments and by how much.
When it comes to the seasoning period, FHA loan rules have specific lender guidelines which must be followed for ALL FHA Streamline Refinance loans.
They include a requirement that on the date of the FHA case number assignment for the new Streamline Refi loan: The Borrower must have made at least six payments on the FHA-insured Mortgage that is being refinanced; Like the standards for FHA home appraisals mentioned above, these rules are FHA standards; lender requirements may add to these rules and it’s always best to ask ahead of time to see what may apply in your area or with your lender.
Most FHA borrowers are not aware that the FHA case ID even exists. Although, it becomes a pretty popular and beneficial topic during an FHA transfer or an FHA streamline refinance.
First of all, the case number is assigned to a loan through a processed simply called a case number assignment.