Does anyone know about FHA streamline refinancing?

[Jumpem]

From the FHA website (http://www.fha.com/refinance.cfm):

FHA REFINANCE: STREAMLINED REFINANCING
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

NO: Appraisal, Credit Underwriting, Qualifying Debt Ratios, Credit Check, Income Verification, Face-to-Face Application.

In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments.

 

[sao123]

Originally posted by: Jumpem
From the FHA website (http://www.fha.com/refinance.cfm):

FHA REFINANCE: STREAMLINED REFINANCING
This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

NO: Appraisal, Credit Underwriting, Qualifying Debt Ratios, Credit Check, Income Verification, Face-to-Face Application.

In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments.

I just did this very thing... dropped my rate 1.25%...

The only other stipulation, as I was told, the new value of the loan (including the closing costs, if you are not paying cash for them) cannot go over the initial value of the old loan.
We paid on our original loan for 18 months and had plenty of room to work with to refi.

 

[Codewiz]

I am looking at the same thing. Sao, how much did you pay in closing costs? Also did you go with the original financing company or did you go with a different company for the refi?

 

[AkumaX]

Have you used that site? There's a link to freecreditreport . com (the scam version to www.annualcreditreport.com <-- the official version) which makes me wary...

 

[Linflas]

This is also available to Vets that have a VA loan. I have done lots of streamlines over the years and the hardest part is all the signing of paperwork at the closing. If they manage to drive the rates down to 4.5 I will probably do it one more time.

 

[Jumpem]

What lenders are you guys using? The previous mortgage broker we used didn't seem to understand what I was even talking about.

 

[sao123]

Originally posted by: Codewiz
I am looking at the same thing. Sao, how much did you pay in closing costs? Also did you go with the original financing company or did you go with a different company for the refi?

CountryWide had my first loan, they have my refi.
original Mortgage 95000, refinanced at 92155

According to my good faith estimate...costs & fees came to about $4300 (3200 closing costs, 1400 PMI) but it will be less than that because we will be getting a refund from our prevous PMI which will lower that)

 

[nakedfrog]

Yikes, that's as much as closing costs for my current mortgage were.

 

[alkemyst]

Originally posted by: Jumpem
What lenders are you guys using? The previous mortgage broker we used didn't seem to understand what I was even talking about.

a mortgage broker is just some schmuck that took a few hours of training esp recently they almost all only know 1 or 2 products.

If you need help with a refi my company is doing them for practically free. There is no obligation...they will pull your credit for free where many want that up front.

https://mortgageapp.khov.com/refi

put me in as a referrer Chris Feeny to get the friends and family deal. I wish I could take advantage but I am upside down 100k now.

I programmed the site BTW 🙂