LO reached out to me about Streamline refi

[Scupra]

I have done the normal googling to research the most I can.. Does anyone have a great read to help me determine if this is the right thing for me? Or any personal words of wisdom maybe? Thanks in advance

[echoecho]

The only Streamline refi I'm familiar with is the VA. You must have a va loan already and you want to get better rate or lower payment. One of those must happen to get that product. No appraisal needed.

[Scupra]

I would be doing an FHA streamline. Chatted more with my LO and I don't see any reason not to. I took a 4.5% rate to get a down payment assistance grant so it looks like now I will walk away with 3.6ish. LO said he will use lender credits to cover all costs. 

Wish me luck!

[echoecho]

Oh ya!! That sounds good. Good Luck!!

[DallasLoanGuy]

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@Scupra wrote:

I would be doing an FHA streamline. Chatted more with my LO and I don't see any reason not to. I took a 4.5% rate to get a down payment assistance grant so it looks like now I will walk away with 3.6ish. LO said he will use lender credits to cover all costs. 

Wish me luck!

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or you could pay some of the costs and get a better rate.

depends on how long you plan on staying in the new loan.

[Scupra]

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@DallasLoanGuy wrote:

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@Scupra wrote:

I would be doing an FHA streamline. Chatted more with my LO and I don't see any reason not to. I took a 4.5% rate to get a down payment assistance grant so it looks like now I will walk away with 3.6ish. LO said he will use lender credits to cover all costs. 

Wish me luck!

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or you could pay some of the costs and get a better rate.

depends on how long you plan on staying in the new loan.

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Thank you! The long term plan is to drop MI and turn it into a rental. Will have to see what kind of hit I am taking to receive lender credits.

[Anonymous]

You mentioned getting down payment assistance on the original loan,did you have to wait a certain # of yrs before refinancing to avoid paying that assistance back.In Ohio it's forgivin after 7 yrs.If you sell or refinance before 7 yrs you have to pay the money back.It used to be 5 yrs and each yr 10% would be forgiven but they changed that I believe in the last yr.

[Anonymous]

Sorry 20% used to be forgiven each yr.I guess I can't edit from my cell phone

[Scupra]

I took advantage of the "Home in four" program which is a grant that does not need to be paid back. No time limit at all