With mortgage interest rates being so low, you would think many people are refinancing. And one would think that more would be doing FHA streamline refinances, because it should be so easy, hence the name streamline. Sorry to sound negative, but no and no, for many reasons. There is also a mortgage myth, aka mortgage rumor, that FHA streamlines are cheaper than regular FHA loans. A complete lie. I just had a potential borrower that was told this. Yes, there are … (7 comments)
Okay, Jeff, I have heard that you could do a FHA streamline. Yes, this is true, but FHA now states that you can't make application on the new refinance until the borrower has made 6 monthly payments. This is stated in Mortgagee Letter 2009-32. There are 2 types of FHA Streamlines.
1.) FHA Streamlines with an appraisal - Even if you bought a new home with lots of equity, you have to wait 12 + months before you are allowed to use that equity. If … (11 comments)
FHA streamline loans are very beneficial in many ways. A few things to keep in mind. FHA streamlines don't take that long, up to 10 days, and the FHA streamline rates are the same as regular FHA loans. When comparing FHA streamlines to conventional refinances, depending on your credit score, the FHA rate in many cases will be much better. Keeping this in mind, use a loan officer that is very familiar on how these types of refinances work. Just because it's easy to the naked eye, one still needs knowledge of how to make this work for … (13 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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