BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Where did you find the info about the April 9th date making it effective. Does this mean that if I close after April 9th on my refi then I am covered at the lower rate or do I need to wait till June...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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dmorris23; thank you for pointing out the proper date. I originated the thread prior to my receipt of HUD's Mortgagee Letter 12-4 and the April 9th date is indeed for the implementation of new FHA...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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This post is strictly written to provide information for those borrowers who currently have a FHA loan that were Endorsed by HUD prior to June 1, 2009.
The FHA Streamline Refinance product has...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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I'm getting some mixed info regarding doing a streamline refi... I've done one once already (had Wells Fargo and did the refi through them) and it was my understanding that you had to do a streamline...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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There is no list of who is taking applications early, but as a broker a couple of my wholesale conduits are accepting mu submissions now so they can close right after the lower MI is effective..
...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Oh wow. I just had a lightbulb moment. I called USAA to see about a VA streamline after I got off the phone with US Bank. USAA offered me a 3.5% interest rate with about $2500 in closing costs...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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I understand that. And I do. I guess I should have clarified but I thought that was a given. :lol: Sorry.
I guess the point I was making was that I didn't realize it was like the swap meet and...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Great explanation! Thanks alot. One more question and I will leave you alone. Can you expound on the statement "FHA rates provide a lender credit to defray the closing costs"(is this given from the...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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I just received power back last night and still many here are still without power and a new NorEaster on the way.
8 full days without power/heat tested me on various levels and my thoughts go out to...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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a10ecdad, sorry for the delayed reply.
All rates are connected to a price. Depending on the rate, the price is either in a form of a cost paid to the lender or a lender credit to go towards the...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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I too am trying to refi with streamline. When you talk about lender credits, do all lenders offer this credit? I have not been offered this. I think I remember earlier in this thread that some...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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How long do you anticipate the FHA streamline refi will be offered. I have a year and a half left after my discharge date and wanted to see if I should hold onto my underwater home till I am refi...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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I received a PM from someone and just wanted to reiterate that to do a FHA Streamline Refi you do NOT need to stick with your current lender. If you don’t want to use your current lender, you can go...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Depending on the State your are located (as costs vary), the loan amount, and what level of MI premium your Streamline would have make a big difference; but 6k sounds way out of line as there are...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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What do you mean by loans that qualify for the decreased MI's? Are they decreasing the annual % owed or recalculating off of the new principal price?
My current loan at 5.5% with a balance of...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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ladyofengland, while no member is permitted to self-promote you are definitely permitted to promote others and I truly appreciate your kind words! :)
-Adam
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Important Info:
I hate sharing this story but it happened today and it is important:
A prospective client I am working with closed in May 2009 and would have benefitted from a FHA Streamline. As...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Loan is approx 200k and I live in AK, not sure how closing costs compare here to other locales.
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Excellent bta15! The FHA Streamline for those with Endorsement dates prior to June 1, 2009 is truly one of the best refinance products I have worked with throughout my 19 years in the business. ...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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:( This sucks. I just decided to pull the trigger on an FHA streamline refinance. I closed on my house in May of 2009. I just called my lender to inquire, and he looked at my account and told me...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Nice advice. Thanks.
I checked into Attorney Generals Settlement, I am with Wells Fargo, but turns out Freddie has my loan.
I closed my refi in July 2009, so I suppose I am out for the FHA...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Thanks. I actually found you here, by that thread.
Just sucks. I pay my mortgage - and cannot qualify for harp etc. Freddie has me not wells, and I got my loan 6 weeks late for streamline.
...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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When HARP initially came out there was so much confusion with banks failing everywhere and lenders were very slow to jump on board. HARP2.0 is better defined and has much more support, although...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Lauren, if your current FHA loan was endorsed by HUD prior to June 2009 a FHA Refi can provide tremendous savings on your monthly payment.
Also, while I feel this is one of the few great refi...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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1. As you would be in the pre-June 2009 category, the monthly MI would be $51.49/mo (.55%)
2, As others mentioned, depending on the rate you will receive a certain credit towards closing costs and...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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Say, the current rate is 3.25%. If you finance at 3.375% the lender might give you $X (say $2500) for taking a higher rate that will be applied toward your closing costs.
The way it was explained...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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HUD provides FHA pricing to the lender who then in turn will provide a rate that is priced with either a cost or a lender credit. HUD does not post the rates but each individual lender will offer...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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So here's my situtation. It sounds like it would be beneficial for me to pursue an FHA streamline. I closed on my house (in California, 93505 zip code) in July 2008 with a Wells Fargo FHA loan. ...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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The beauty about the FHA Streamline is you do not need an appraisal. We use the last valuation that was used in your current loan. Your income is also not fully verified...just your employment...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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127 Replies
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Critical FHA MI Changes Coming in 2013
With no date in 2013 yet determined, in an effort for HUD to sure up its balance sheet, HUD is planning:
On new loans after the yet to be determined date,...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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What do you mean by covering all costs?
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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127 Replies
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The closing costs associated with the loan. These can usually be covered by a lender credit depending on the rate chosen. Higher rate would provide larger credit, lower rate lower credit. Costs...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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127 Replies
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PMed you some questions. Thanks for your contributions in this thread.
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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127 Replies
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I am pleasantly surprised to update this thread after my post a week ago and share that 3.25% is a very viable rate for a FHA Streamline with a decent credit to cover most if not all costs, depending...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
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127 Replies
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I do not think this broker is offering anything better than Wells Fargo...He is pushing for an appraisal in an attempt to do a non-streamline FHA or a conventional loan. He had a realtor pull...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
+6 Score
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Unfortunately it does indeed appear this is in the works and, while not officially announced, I have heard this will be effective on all new FHA Cases as of April 1, 2013.
It will be in an...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
Expired
Thread created 03-06-2012 by tiedyed1
+6 Score
127 Replies
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Kind of off topic, but I did a streamline refi last year. Is my mortgage insurance now tax deductible? (before it was not because my previous loan was originated in 2005)
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
Expired
Thread created 03-06-2012 by tiedyed1
+6 Score
127 Replies
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HUD has now officially posted Mortgagee Letter 2013-04, addressing forthcoming increases to MI premiums as well as significant changes regarding the term of Mortgage Insurance....
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
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Thread created 03-06-2012 by tiedyed1
+6 Score
127 Replies
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I checked around a bit and for a $120k home, $2500-3000 seems the standard for closing costs. My actual closing costs were about $2600 and the $420 on top of that is the 'prepaid' items, or prorated...
BIG FHA Streamline Refi news (for FHA loans prior to June 1, 2009).
Expired
Thread created 03-06-2012 by tiedyed1
+6 Score
127 Replies
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The rate of 4.125% for FHA pricing is out of line. Lender credits are a percentage of the loan amount. On lower loan amounts a higher rates is common in order to provide a larger lender credit to...
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