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02-10-2009, 12:48 PM
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181 posts, read 584,728 times
Reputation: 77
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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,
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02-10-2009, 12:54 PM
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135 posts, read 677,402 times
Reputation: 46
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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..
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02-11-2009, 08:07 PM
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Location: NJ
1,422 posts, read 3,180,259 times
Reputation: 1505
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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.
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02-12-2009, 12:31 AM
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Location: Denver
3,211 posts, read 7,862,855 times
Reputation: 3135
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Is there a time limit that you have to have your first loan before can streamline refi?
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02-12-2009, 06:55 AM
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Location: NJ
1,422 posts, read 3,180,259 times
Reputation: 1505
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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.
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02-12-2009, 07:28 AM
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Location: Southwest Nebraska
1,297 posts, read 4,343,526 times
Reputation: 908
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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.
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On time with mortgage payments, I thought Obama was going to make those go away. lol |
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02-12-2009, 12:05 PM
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181 posts, read 584,728 times
Reputation: 77
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3 mths is the minimum
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02-12-2009, 12:37 PM
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Location: The Hall of Justice
25,906 posts, read 38,559,776 times
Reputation: 42631
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I don't believe there is a minimum. We got an FHA streamline loan in December.
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02-13-2009, 01:30 PM
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17 posts, read 42,227 times
Reputation: 10
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Do you have to pay new closing costs if they are originating a new loan?
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02-13-2009, 02:33 PM
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181 posts, read 584,728 times
Reputation: 77
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No closing costs. No extra costs at all.
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