Maryland Refinance Mortgage - Learning Center.

The types of refinances available vary greatly. It would be almost impossible to show each type of loan and refinancing scenario. It is best that we try to cover the most common types of refinances that consumers are trying to research: FHA, VA and Conventional standard refinance.

Income - Borrowers should have an established income for two years. If there is less than a two year history of work or there is a job gap, you speak with your loan officer to determine qualification requirements.

One month of pay stubs should be saved prior to applying for the refinancing loan program. Part time income may be considered in certain situations.

Credit - Regularly, two years of credit history is recommended with 3 open and active credit lines in good standing. Generally, the credit history should be 12 months and there should be no late payments.

For FHA refinances requiring an appraisal, the property must be appraised by an FHA-appraiser and meet FHA requirements.

FHA Streamline Refinance - FHA offers a streamline refinance mortgage program. If you are a current Maryland FHA mortgage borrower and you are interested in a streamline refinance you should request a rate quote. You may qualify for a simple rate reduction at lower cost when streamlining a FHA Maryland mortgage.

Income – Typically Borrowers should have an established income for two years. If a job change has occurred recently then the current and previous employment information should be provided. It is usually best if the new employment is in a similar profession as the previous employment and that there is little lag time between both employments. If there is limited employment history due to schooling then the borrower(s) should have an offer letter showing a guaranteed job with income. It is preferred if the employment is in the same profession as the schooling trained. 

One month of pay stubs should be saved prior to applying and two years of W2's. If self employed, then 1099 and a Profit and loss statement from an accountant is recommend to help document income. Part time income needs to be reviewed by a lender to determine if it can be used for qualification.

Credit - Typically, two years of credit history is recommended with 3 open and active credit lines in good standing. 

Copies of your most recent 2 yrs W2’s for all qualifying Borrowers.

Copies of most recent 30 days of paystubs.

Most recent 2 months of Bank statements (or most recent quarterly statement if applicable).

For refinances - Copy of your current homeowners insurance policy with the agents name and contact number Here are some simple steps to follow for Maryland refinance home loan: