1. The original sales price
2. The current appraised value
FHA streamline refinances have three (3) time requirements that all must elapse:
1. The mortgagor must have made at least six payments on the FHA insured mortgage that is being refinanced, and
2. At least six full months must have passed since the first payment due date of the refinanced mortgage, and
3. At least 210 days have passed from the closing date of the mortgage being refinanced.
You can refinance with a new FHA mortgage before those 3 milestones, but it would not be an FHA streamline refinance, it would be a regular credit qualifying refinance (credit checked, debt ratio calculated, appraisal done).
However if you refinance with conventional financing, there is no amount of time that must elapse before a new appraised value higher than the purchase price can be used - it could technically be done 1 day after you purchase. Some PMI providers (required on loans over 80% LTV) impose a minimum amount of time 6 or 12 months, before a value higher than the purchase price can be used, but if you do not need PMI then Fannie Mae & Freddie Mac have no value seasoning requirements.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
I reached out to one of the lenders I deal with on a regular basis and the anwer to your question is below. If you need any further information please feel free to contact. If you need information on a lender please let me know and I can provide you with that information as well.
Yes- you can do what is called a FHA streamline- there is no appraisal done. But you cannot roll in closing costs- so either the borrower has to bring closing costs to the table or the rate can be raised enough to provide a lender credit to pay closing costs.