FHA Streamline at 2.5%??

[CS800]

Was just looking at FHA.com and it showed FHA streamline at 2.5%.

What is required for a streamline? I'd like to refi to this rate but need to know more about it. Can somewhat shed some light on that?

[cdtotten]

FHA.com is not the official site of the federal housing administration. The correct site is fha.gov.

That being said, rates are currently not that low... the average FHA rate right now is between 3.875-4.00%. Any rates well below that would be with a WHOLE lot of points being purchased. In order to do an FHA streamline, certain qualifications must be met. The streamline portion indicates that there is less paperwork and no appraisal is required.

Visit: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/buying/streamli

Any rate advertised at 2.5% is most likely a 15yr mortgage with a lot of points purchased.

[CS800]

I assume to get those low rates FHA, a 620 min score is required?

[geronimo2008]

I went to FHA.conm.  it is indeed a site run by financial institutions and not by FHA.  The site does supply ythat info on virtually every page.

While I saw references to FHA Stramline  as a proces whereby you could provide reduced documentation and avoid an appraisal  I did not see rates that specifically applied to these loans and the rates i did see were in the 4% range.    Can you give us a link?  maybe ytou found something I did not.

[CS800]

Here is the link:

FHA Streamline Refi

[geronimo2008]

Thanks for the link.  i filled out the form.  I suspect I will not be offered that rate  but let's see.

[CS800]

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@geronimo2008 wrote:

Thanks for the link.  i filled out the form.  I suspect I will not be offered that rate  but let's see.

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Glad to be of help, let me know if this works

[geronimo2008]

try it yourself.  I have no intention of refiing my loan.  I just want to see what kind of response I get.  no reason you can't do the same.

[cdtotten]

that rate is a for a 5/1 adjustable rate mortgage, not a 30 year fixed.

Per the bottom of the page:

5/1 Adjustable-Rate Mortgage: The payment on a 30-year $150,000 5-year Adjustable-Rate Loan at 2.5% and 70% loan-to-value (LTV) is $592.68 with 2.625 points due at closing. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. The Annual Percentage Rate (APR) is 2.93%. Rate is variable.

That rate assumed you have no PMI and has 2.625 points due at closing .That page couldn't be more deceptive if it tried.

[cdtotten]

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@CS800 wrote:

I assume to get those low rates FHA, a 620 min score is required?

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Every FHA lender has different mnimum credit scores required; however, FHA loan rates are not credit score dependant.