Do you have an FHA loan? Do you know about FHA Streamline Refinances? December 3, 2008
Posted by Patti Shawgo in Mortgage News, Mortgage Stuff.trackback
It’s funny, because I was looking back at past posts, and almost exactly a year ago today I was writing about FHA Streamline refinances. At that time, rates were at 6% with 0 points and now they’re even lower, as low as 5.5%!
Have an FHA loan and don’t know about streamline refinances, here’s the skinny:
- No appraisal is needed
- No income or assett information needed
- Extremely minimal closing costs
- No cash-out allowed, shift to a lower rate (and payment) only
Basically, if you have an FHA loan, FHA doesn’t want to penalize you if you’ve been paying your mortgage on time, you can get the lower rate and there the whole process if virtually effortless.
So, if you’re looking to streamline your FHA loan in Maryland, Pennsylvania, Virginia, DC, or Deleware, I hope you’ll remember your friendly, neighborhood mortgage blogger (me).
[...] little known facts that makes perfect sense when you think about it. The other day I wrote THIS POST about FHA Streamline refinances. If you have a current FHA loan and the payments have been on [...]