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FHA usually has better rates, and you can streamline your next refinance with FHA. You can't do that with the Flex program
Thanks! What does that mean, streamline our next refi w/FHA? Obviously it sounds like the refi with FHA is easier, but what can't be done with the Flex program? Sorry, I don't quite understand what that part means. The rates are the same per the broker we talked to this evening: 6.375 with 1% orig. The monthly payment is higher on the Flex I guess because the PMI is higher (since no upfront funding). Plus he said he probably couldn't close an FHA by 7/15, which is our goal. I understand some lenders are backed up with FHA...
When you do a FHA streamline, they will not require paystubs, appraisal, and look at your credit score. This is to lower your rate w/out doing a cashout. There are closing costs associated to it, but it's less than your original costs.
There are a few FHA lenders that can close with 5-7days.
I recently did one in 5days, but the borrower had all their documentation in. It's not impossible but some lenders are limited to the resources they have. I work with around 2-300 lenders, and maybe half of them do FHA/VA.
Quote:
Originally Posted by cobeachgirl
Thanks! What does that mean, streamline our next refi w/FHA? Obviously it sounds like the refi with FHA is easier, but what can't be done with the Flex program? Sorry, I don't quite understand what that part means. The rates are the same per the broker we talked to this evening: 6.375 with 1% orig. The monthly payment is higher on the Flex I guess because the PMI is higher (since no upfront funding). Plus he said he probably couldn't close an FHA by 7/15, which is our goal. I understand some lenders are backed up with FHA...
I am hoping to get my girlfriend in a FHA 97% flex loan. 500.00 not a problem producing in her bank account. She has paid on her car and a couple cards for 3 years and has good credit. She filed taxes the last two or 3 years but only reported 300.00 a week as her income. She surely could cover payments on a small condo that is selling for 30,000 expecially with me helping when needed. Will she be able to qualify for this kind of loan on a small condo? This would be her first home purchase. All info appreciated
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