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fha streamline refinances: FHA Streamline Refinance Program : There are 5 Days Left - 11/10/09 02:03 AM
Consider this a last call for FHA Streamline Refinances.  Starting next Tuesday, the popular rate-lowering program gets strict on borrowers.
There's 5 days left.
Under the current streamline refi guidelines, FHA homeowners have minimal program eligibility requirements.
FICO scores must be 620 or higher The refinance must provide a "tangible benefit" No mortgage lates allowed in the last 12 months Beyond that, everything else goes, practically.  There's no income, asset, or job verification with the current FHA Streamline program. Neither is there an appraisal requirement.  It doesn't matter if you're 50% underwater.
Until next week, that is. 
Beginning November 17, FHA … (1 comments)

fha streamline refinances: The FHA Is Changing Its Streamline Refinance Guidelines November 2009 - 10/07/09 04:28 AM
Beginning November 17, 2009, the FHA will make it harder to qualify for its popular Streamline Refinance program.
Available exclusively to homeowners with existing FHA home loans, the streamline program is meant to help homeowners reduce mortgage payments as simply as possible.
As such, the program carries minimum eligibility requirements.
In fact, the FHA Streamline Refinance is more notable for what it doesn't require from applicants.
There's no income verification There's no asset verification There's no employment verification There's no appraisal required The two biggest qualifiers, really, are that the homeowner meets a minimum credit score and that the new loan doesn't exceed the original … (3 comments)

fha streamline refinances: FHA Cash Out Refinances Getting More Strict As Of April 1, 2009 - 03/27/09 11:16 AM
If you're in want of a cash out refinance, the most liberal cash-out program in town is about to make qualification more difficult. 
Effective April 1, 2009, the FHA is reducing the maximum loan-to-value on cash-out refinances by 10 percent, dropping the loan size limit from 95% of the home's value to 85%.
In its official press release, the FHA days it's making the change to "limit its exposure to undue risk". 
It also lists the following cash-out requirements:
With less than 12 months since the purchase date, a home's value cannot exceed its original purchase price -- even … (1 comments)

 
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Bob Phillips, CDPE, SFR South Orange Co., CA

Coto de Caza, CA

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