Is a current Loan FHA or Not.

I am not a big FHA orginator. How does one determine if an existing loan is an FHA loan, qualified for StreamLine. Streamline has to be an existing FHA loan, right?
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February 06 2009 - Victoria
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Best Answer
Michael,

Let's clarify. There is no such thing as an FHA loan. There are however loans that are FHA insured.

As many of us mortgage professionals know, information on the credit report is not always accurate. I have personally seen FHA insured loans classified as conventional loans on the credit report.

In order to find out if the original loan was insured by FHA, you will need a copy of the note as it will provide 3 key facts that are required for the streamline. The three items that you will learn from the note are 1) existing FHA case number, 2) original loan amount&3) original interest rate. Furthermore, you will need a copy of settlement statement especially if the old loan was used for purchase money.
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February 07 2009
"Streamline has to be an existing FHA loan, right?"

Actually, there are also "streamline" Fannie to Fannie and Freddie to Freddie refinance transactions as well. Currently most are only offered by the original investor if they are still servicing the loan (along with other criteria). Fannie is about to expand the concept with the release of DU version 7.1 on April 4th with "DU Refi Plus".

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February 07 2009
Michael...I am sorry if you misunderstood my post.  I was referring to James who felt the need to correct your statement.  It was more of a retort to some of the other moronic statements he was making Sat on a couple of other threads.  I was totally behind you asking the question.
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February 07 2009
Furthermore, for those of us who do not do FHA, or should is say affliated with HUD, James did give me the most insightful answer. And oh by the way, when mortgage brokers go under a national license, perhpas you folks who have not taken the time to put in some personal development will have more work to do than those who have done so,  to qualify for the licesne. But, you probably alwasy fall back on give the client what they want and close the loan. Not perhaps what might be in the best interest of the Client, So yes I stand behind the CMPS, CLA, CRMA, and soon to have CRMS.
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February 07 2009
Man, you folks with your insults-It just means that I do not do FHA insured loan. You all knew what question I asked, FHA, FHA Insured, what ever. Can't you folks just answer the question with out getting a dig in, which is only to make yourselves feels beter. Maybe you all should have gold Ribbions for you whitty retorts.
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February 07 2009
Clay...For those that have these designations, maybe the more letters, the less of a pompous ass you are.  Leave it to Mr CMPS to try and distinguish himself by ranting semantics.

Michael..Excellent as I am sure there are a lot of people hearing about this program and wondering if they can qualify.  I would say 99% of the people who have one know that they have a FHA loan.  If not, looking at the note is the easiest way to tell.  No need for the settlement statement
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February 07 2009
I noticed Michael has 7 more letters of credentials than James, on top of both having " cmps " designations, yet James is coaching Michael. Does that mean none of those letters mean much? 
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February 07 2009
Also, on the first page on the top corner of the current mortgage, it will say FHA Case No.

If your County Recorder is online and has images, you can view it.

Also, look for an odd looking number on the original balance, FHA loans are usually financed down to the dollar. ex: $126,846
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February 07 2009
Profile picture for Ken Kopper

1st it would designated on the credit report as FHA and 2nd the borrower should know as its marked as FHA on their HUD 1

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February 06 2009
 
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