In the Boise area our home values have dropped for the last 2 years.  Some experts are saying our values are at 2001 levels.  This leaves many people feeling that they cannot take advantage of today's low rates. 

If you have an existing FHA loan, you are in luck.  FHA Streamline Refinance loans allow a home owner to refinance a loan in good standing with out having to get a new appraisal, verify income, or assets. 

The FHA Streamline Refinance loan assumes that if you have made your payment on time for the last 12 months, then you're a good borrower and they don't need to reverify everything.

The application process is similar to a regular loan except we don't have to verify as much, just the mortgage payment and a verbal verification of your employment.  I can do this in person, over the phone, or with my online secure application.

The FHA Streamline Refinance loan will not let you pull extra cash to pay off bills.  It will not allow you to exceed the original loan amount without an appraisal.  If you haven't paid down your mortgage very much, then you will probably have to bring some funds to close.  Usually, its $1500-$3000 and that is quickly recouped by your savings.

There are 2 other programs that allow homeowners to refinance and take advantage of the low rates even if their home value has dropped.  I will post those on the next posting.  In the meantime, gather your last mortgage statement and then give me a call at 208-861-7579.