Monday, November 9, 2009

Thinking about doing a "Streamline Refi" of your FHA Loan? Better HURRY!

FHA "Streamline Refinances" are changing dramatically on November 17th. Right now, in order to do a Streamline Refi, an appraisal is NOT required (even if your home has declined in value), and the ONLY documentation needed is a mortgage statement, your promissory note, & hazard insurance info (there is no verification of employment, no providing bank statements, paystubs, etc)!

After November 17th appraisals will be required and the FHA Streamline Refi will require FULL documentation just like a traditional refinance loan.

If you or someone you know purchased a home using FHA financing in the last 24 months, and your interest rate is higher than 6%, you might be able to save money by doing an FHA Streamline Refi…many of the interest rates on FHA loans from 2008 were 6% or higher. Today's FHA rates are in the low 5% range!!! Also, you are able to complete the refinance with out having to come out of pocket for ANY of the closing costs.

To close by the end of November, with all of the holidays in the mix, you really should get your Streamline Refi started by November 12th, which is just a couple days from now. If you are interested, please shoot me an email and I will connect you with a loan officer who can assist you.

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