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We have an FHA loan at 4.5% (15 year) which we have 12 years, 9 mos left to pay. I know that FHA Streamline Refinancing has recently changed for borrowers within certain timeframes to eliminate/reduce closing costs. We do not fit within that timeline. I had an email exchange with someone from Wells Fargo (our existing mortgage co) who basically just said, you don't qualify for streamline because you don't fit within that time period. I know we don't qualify for the reduced costs, but does that mean we don't qualify for the typical streamline refi??
Thanks
K
@krielly wrote:We have an FHA loan at 4.5% (15 year) which we have 12 years, 9 mos left to pay. I know that FHA Streamline Refinancing has recently changed for borrowers within certain timeframes to eliminate/reduce closing costs. We do not fit within that timeline. I had an email exchange with someone from Wells Fargo (our existing mortgage co) who basically just said, you don't qualify for streamline because you don't fit within that time period. I know we don't qualify for the reduced costs, but does that mean we don't qualify for the typical streamline refi??
Thanks
K
I am currently doing an FHA streamline refinance with First National Bank of Layton. Your loan would definately qualify for an FHA Streamline Refinance, but your up-front costs may be higher. The good news is that the lender can usually roll these costs into the new loan amount. In my case, they cannot, since I am refinancing a property that is now used as an investment property (I do not live there anymroe). Here has been my journey:
May 2012: Found out FHA Streamline Rules would be changing... I intereviewed 9 lenders, 3 lenders stated that they could do the FHA Streamline Refi on my investment property... I went with the LO who seemed most knowledgeable about the program (she deals solely and specifically with refinancing FHA and VA loans) and who could give me a good deal of lender credit towards closing costs if I accepted a rate that was .15% higher. Also got married in May
June 2012: Continued to stay in touch with my LO, paying off CC debt from wedding, removed an inaccurate judgement reporting on my TU report
July 2012: Paid off CC debt completely, applied for the FHA Streamline... My scores came in at 694, 693, 748.... Moving forward. LO estimates a Sept - Oct closing due to the volume of loans going through right now. Signed a GFE on August 3.
September 2012: My file makes it through initial underwriting. I provided a Letter of Explanation for 4 deposits (expense reimbursements and payroll funds transfer)
File sent to final underwriting two days ago...
Scheduled to close before Oct 15....
Out of pocket costs for my loan: 3k... Reduces my monthly mortgage payment on the property by about $700 / month
If you would like the name and contact information for the lady that I'm working with, please send me a private message. She always answers my emailed questions within 24 hours. Usually she responds within the hour... Which is rare in a LO!
Wow! Good for you!
Here is the web address for the FHA Streamline booklet from HUD.
http://portal.hud.gov/hudportal/documents/huddoc?id=4155-1_6_secC.pdf
You may want to interview different lenders to find one who is willing to work with your situation.