Anyone else doing refi w new special FHA Streamline?

[Lynn McGeein]

We are doing the new FHA Streamline refi for homes pre-July 2009 with the .01 funding fee and less monthly MIP. Just wondering if anyone else is having unexpected issues pop up. Already surprised as it was supposed to be no income verification, no credit report, no appraisal, no qualifications other than 12 months of on-time mortgage payments on the property and verification of funds to pay prepaids as not allowed to include in loan balance. So far, they required full application showing employment and net worth, have checked our credit, requested months of bank statements and documentation verifying deposits, including direct deposits that clearly state what it is for (payroll dept, property management, etc.), even though the program says just verify cash available for prepaids. They also requested all mortgage statements from all my properties (although the program was supposed to be just payments on the property being refinanced). We even had to sign the permission forms for them to obtain 2 years of tax returns, although they didn't ask us, personally, to provide the returns. It will save us hundreds each month, so will jump through hoops to get it, but just wondering if the government knows they are not actually streamlining much in the process.