Any of you folks out there sitting on an FHA that you closed prior to May 31st 2009? If so chances are that you will be eligible for an FHA streamline refinance. With current FHA interest rates running 4.5% or below, if you interest rate is currently 5.50% or higher it makes sense to see if this loan would work for you to reduce your monthly mortgage payment.
The beauty of the streamline loan is that it is non credit qualifying-i.e. you don't have to jump through a lot of hoops and bring in reams of paperwork to get your loan done. Here is what you need:
1) A credit score of 640 or above
2) 12 months on time mortgage payment history
3) Your mortgage note and settlement statement from your previous closing
4) 30 days of bank statements
There is no appraisal. Your current balance remains the same and most of your closing costs are covered by us, the lender. Sound easy? It is. We can close them in two to three weeks.
If you have a post 2009 FHA loan you still might want to check on refinancing - particularly into conventional financing if you are qualified. The mortgage insurance on conventional loans is less so there may be savings there. Want to shorten your term and build equity? Perhaps a fifteen year loan is right for you.
I know there are still too many of you that haven't refinanced that could be saving money. It doesn't hurt to check it out.
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