FHA Streamline Refinance

[nicemann]

I got a FHA mortgage with GMAC back in May of 08.  I ended up with a 6% interest,  I heard talks about people doing something called a FHA streamline refinance.  I was wondering if my FHA can transfer to some where like BoA and they can refinance me without any hassle?  Or do I have to stay with GMAC?  Looking to find a lower %

Thank you

[WannaHouse]

I believe I read on here it has to stay with the same lender.

[Anonymous]

Hi nicemann,

Shane and Dallas can confirm this, but any FHA-approved lender

is authorized to do an FHA Streamline Refinance. If you wanted BofA

to do it, they would contact GMAC and have them verify that your

mortgage is in good standing. It's just a form that GMAC fills out

containing all the needed information about your mortgage. And the

best part is that there's no credit check, assets/income check,

etc. Just having an FHA mortgage in good standing (i.e. that you've

paid on time) is what qualifies you for the Streamline Refinance.

You can contact your lender of choice for more details.

Lowest rates I've seen for FHA Streamlines is 5% fixed

for 30 years. So if you're paying 6% now that would be

a hefty savings for you. 

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 02-01-2009 04:09 AM

[nicemann]

---

@Anonymous wrote:

Hi nicemann,

Shane and Dallas can confirm this, but any FHA-approved lender

is authorized to do an FHA Streamline Refinance. If you wanted BofA

to do it, they would contact GMAC and have them verify that your

mortgage is in good standing. It's just a form that GMAC fills out

containing all the needed information about your mortgage. And the

best part is that there's no credit check, assets/income check,

etc. Just having an FHA mortgage in good standing (i.e. that you've

paid on time) is what qualifies you for the Streamline Refinance.

You can contact your lender of choice for more details.

Lowest rates I've seen for FHA Streamlines is 5% fixed

for 30 years. So if you're paying 6% now that would be

a hefty savings for you. 

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 02-01-2009 04:09 AM

---

Wow that would be great if it was that easy.  Hopefully BoA will be able to do it.  I have had perfect luck with them so far.  Shane or Dallas, can you confirm this before I sneak away from work one day to go talk to them?

[ShanetheMortgageMan]

Yup, any FHA lender can streamline an existing FHA loan... doesn't have to be the same lender who originated the original FHA loan.

[nicemann]

Great!  Appreciate the help everyone.

[itsjustmeibe]

My BF is in the same position, bought a house in May 08 with interest rate of 6%. He was told by Countrywide that streamline refinance will only work if you had originally put more than the minimum 3.5% down because of the high closing costs. Also, they would have to go by the original appraisal. After a year, they say he can apply with a new appraisal hoping that the value is up some.

Message Edited by itsjustmeibe on 02-03-2009 11:32 AM

[Anonymous]

Hi itsjustmeibe,

Have your BF shop around and talk to other lenders.

That may be what Countrywide is doing, but it doesn't

mean that every lender is doing that. Also, remember

that Countrywide is now part of Bank of America, so 

their fees for FHA Streamlines will probably be higher.

In other words, the FHA lender your BF works with will use

a portion of his 3.5%+ equity position to complete the Streamline.

But don't let him get caught paying for the BofA/Countrywide

merger. Have him shop around and do his homework. 

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 02-03-2009 11:58 AM