EDITORS NOTE 6/28/2010: Since writing this post, many FHA home owners have opted to reduce their mortgage rate via the streamline refi without an apprasial when they have the funds available.
If I wanted a super long title to this article–it should actually read: "5 Days Left for FHA Streamline Refi's Without Appraisals with Closing Costs Rolled Into the Loan Amount"… but that's just too long.
Back in late September I warned that FHA guidelines are dramatically changing effective on FHA case numbers issued after November 17, 2009.
Considering our current home values, if you currently have an FHA mortgage, this could be your last chance to reduce your rate without having to shell out your hard earned money on an appraisal!
If you have a home located in the State of Washington, I'm happy to provide you with a good faith estimate at no obligation to you. In order to provide an accurate estimate for you, it would be ideal to have the following information (which you can find on your HUD-1 Settlement Statement):
- Original base loan amount
- Amount of your FHA upfront mortgage insurance premium (or portion of your upfront MIP may be credited towards your new FHA loan)
- Estimated credit score (we currently require a minimum credit score of 620 or higher)
- Home address (so we can obtain accurate property taxes).
Our company does require that you are employed and will verify your income and credit with an FHA streamline. We have our own in-house FHA underwriting and are a HUD approved Direct Endorsed lender. You can apply on line (only for homes located in the State of Washington) by clicking my "apply on line" link on the top of this web site.
You will be able to do FHA streamlines after November 17, 2009…they just won't seem so "streamlined" anymore.
Attention Real Estate Agents: if you have buyers who used FHA financing to purchase their home with mortgage rates around high-5's or higher, you can be a real hero by sharing this article with your clients.