Comments on: Changes Coming To FHA Streamline Program

By: Corbin Olsen

Corbin Olsen — Tue, 05 Jan 2010 18:18:07 +0000

Great post. After the dust has settleted with the new guidelines they are definetly more difficult but the overall product is the same. It is still a great loan product! The biggest changes in my opinion are the changes to the maximum loan to value, maximum mortgage amount and income requirements. There are much tighter restrictions on rolling the closing costs and escrows into the loan. Most borrowers do not want to come out of pocket with a lof of money at closing. Verification of inomce is now required on a streameline but it is limited documentation compared to a full FHA refinance or purchase loan. An appraisal is still not necessarliy required for a streamline refinance. That is still one of the biggest benifits. Don’t let the guideline changes scare you away. If you have a rate over 6% call your mortage professional and see if it makes sense. You probably still qualify we just may need a little more paperwork from you. Feel free to email me directly on any specific streamline questions that relate to your specific situation. colsen@castlecooke.com

By: tony rosa

tony rosa — Tue, 15 Dec 2009 19:16:28 +0000

i am one of those people who have that type of loan,i have a 6.5 at the present. i am thinking about a streamline loan. i was told that i have to pay some type of tax in new york, is this true? ive had the loan for one year and have never been late on a payment, i would love to refinance so that i could reduce my monthly payments. i dont know if the new rules will be a hinderence. please advise me on a course.

By: NSM Exposed! – Client Tells All. | mortgage streamline

NSM Exposed! – Client Tells All. | mortgage streamline — Fri, 27 Nov 2009 18:50:24 +0000

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By: Don Feuerstein

Don Feuerstein — Fri, 30 Oct 2009 06:19:41 +0000

Another great tip from Shar on this one. I wish I had an FHA to refinance! Another tip in regards to these refinances is you typically want to reduce your interest rate by about 1%. Otherwise it may not make the most sense for the refinance as you want the return on your investment of refinancing to work out in the positive in the end. Currently before these rules change as Shar mentioned, if you have a rate over 6% it is worth looking into the refinance. (As rates are now in the low 5′s)
If anyone has one of these loans and needs more details and or needs to refinance an FHA Streamline, let me know and I would be more than willing to help in anyway I can.