Streamline FHA (loan, credit score, rate, refi) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

Gessa · 02-10-2009, 11:48 AM

Hi,

I've been contacted by a company offering to streamline my FHA mortgage.

Does anyone have any idea what the current rates would / should be for this?

Thanks,

newhomebuyer80 · 02-10-2009, 11:54 AM

I dont know what is Stream line FHA;
But this is what I got today from Bank of America
10% down - $260K purchase price - Credit score about 750
5.00% with 0.125 points
4.75% with 0.5 points..

deb8997 · 02-11-2009, 07:07 PM

a streamline is a rate and term only.you can do this only if it was a previous purchase and as long as the mortgage does not exceed the original loan amount. and there is no appraisal,income,and only a mortgage only credit is done. i think the rates are about 5 right now. its worth it if your payment will go lower.

wankel7 · 02-11-2009, 11:31 PM

Is there a time limit that you have to have your first loan before can streamline refi?

deb8997 · 02-12-2009, 05:55 AM

no i think you can do a streamline even 2 months after you purchase up to a year as long as you didnt refi before then.of course you have to be ontime with your mortgage payments.

Bigg Mann · 02-12-2009, 06:28 AM

Quote:

Originally Posted by deb8997

no i think you can do a streamline even 2 months after you purchase up to a year as long as you didnt refi before then.of course you have to be ontime with your mortgage payments.

On time with mortgage payments, I thought Obama was going to make those go away. lol

Gessa · 02-12-2009, 11:05 AM

3 mths is the minimum

JustJulia · 02-12-2009, 11:37 AM

I don't believe there is a minimum. We got an FHA streamline loan in December.

Stuart1126 · 02-13-2009, 12:30 PM

Do you have to pay new closing costs if they are originating a new loan?

Gessa · 02-13-2009, 01:33 PM

No closing costs. No extra costs at all.