FHA Myth #5 - FHA Streamline Refinances have to be with the same lender who currenly has your loan.
Wrong. FHA makes no distinction here. You can get your FHA Streamline Refinance with your current lender or a new lender (such as VanDyk Mortgage).
Won't my current lender waive fees & points to keep my loan? Sure sounds logical, doesn't it? But fact is Banks just don't offer these incentives anymore. (bank waiving fees to keep your business). Since most loans (OK, virtually all loans) are actually sold in some manner or form shortly after they are made, this makes this point harder to define. So why would the current bank waive or reduce fees to keep your loan during a FHA Streamlne Refinance? To make more profit on your new loan, since they are not protecting the current asset. The Bank will make their money somehow to cover the inevitable fees incurred to process & close your new loan. In fact the days of the No Point/ No Fee loan are now gone, mostly due to banks holding more profit in each transaction. The bank used to offer no point / no fee loans for a slightly higher rate, paying the cost of those waived fees from the additional profit. These types of loans are virtually impossible to find in today's tight money environment. We have cheap Money (low rates) but it is tight, as it isn't easy to get the money.
Why should I use VanDyk Mortgage to process my Streamline Refinance? VanDyk Mortgage offers FHA experience, competitive rates (VERY competitive), and we have multiple investor partners with which to place your new FHA Loan. We are a FHA Direct lender + we also Broker FHA Loans when necessary. This gives us access to the best rates in the market daily (plus any guideline variations between investors). We have been making FHA Loans since 1987, and know how to make it work. We are up to date on the latest FHA lending guidelines, uses of FHA loans, and are able to offer solutions that other banks do not.
VanDyk Mortgage will allow you to refinance your FHA Loan via the FHA Streamline Refinance even if your loan balance exceeds the new 2009 FHA Loan limits for your area.
Here are a couple of articles I have written regarding FHA Streamline Refinances:
FHA Streamline Refinance - Minimum Time elapsed since Home Purchase
FHA Streamline Refinances & FHA Jumbo Streamline Refinances above the 2009 FHA Loan Limits
The FHA Streamline Refi is available for FHA, FHA Jumbo Size loans, FHA Secure loans, and FHA 203K loans (if work is complete). For FHA Streamline Refinance Loans and VA Streamline Refinance (IRRRL) loans call the Government loan experts at VanDyk Mortgage - 866-900-2342 or apply now at http://www.vandykfunding.com/. VanDyk Mortgage is your FHA Lender & VA Lender of choice.
VanDyk Mortgage has been making FHA loans & VA Loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter, FHA Direct Lender, & VA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com or call Brian Skaar at 760-752-4480 for help with your FHA Streamline, FHA purchase loan, VA purchase loan, or VA Streamline. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, VA Jumbo, Conforming & Jumbo Loans. We serve the following areas for VA, FHA and Conventional loans: California,Southern California, Northern California, Washington, Texas, Georgia, Florida, San Diego, San Marcos, Carlsbad, Oceanside, Vista, Escondido, Fallbrook, Bonsall, Riverside, Los Angeles, Orange County, Irvine, Corona, Anaheim, and every other city in California, Georgia, Texas, Florida & Washington, CA, WA, GA, FL, MO, MI, TX.
VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA 203K Streamline Rehab loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA mortgages of all types. We offer FHA & VA loans in California, Georgia, Texas, Washington, & More. Visit us at www.vandykfunding.com to get started or just find out more.
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