Hi All,
I am interested in doing an FHA streamlin refinance on my current mortgage. Long story short, we had some financial issues and fell way behind on our mortgage. The good news is that both my husband and I are employed and making very good money and the bank (a small community bank) did a work out that basically put our arrears on the end of the loan, it did hike up our actual payment. The good news is that when they updated our credit report they removed all negative information..That tradeline is spotless. Our current mortgage payment including tax and insurance is over 2000 (our original loan was for 165K at 6.5% for 15 years). We have less than 90K remaining on the loan and it will mature in 2015. Our house is currently worth about 250K. If we could refinance, it would significantly lower our payment and give us some financial wiggle room, with 2 kids in college we need it. Our scores are in the low to mid 600's but moving on up (thanks to myfico). We are looking to do this around the summer.
Any information on qualifying would be great,
Starting Score: 507 (8/2010) 