Hi goingforadream, 
FHA Streamline refinances are pretty straightforward.
First of all, there's no credit check, no appraisal,
no income verification and no documentation needed.
All that happens is your lender of choice will contact
whoever has your current FHA mortgage and verify it to
make sure it's in good standing (paid as agreed). The bank
has an FHA mortgage verification form that they send out,
and it comes back to them with all the information they need.
If I'm not mistaken, you must have at least 6 months of
on time payments to apply for an FHA Streamline refi.
Current FHA Streamline refi rates are 5% fixed for 30 years,
which will save you a lot of money based on your current 6.5%
rate. There are no "closing costs" in the traditional sense, but
depending on the bank you go thru they might charge a flat fee
to process the Streamline paperwork. From what I hear, the
turnaround is pretty quick...about 7 business days.
So that's pretty much it. You don't qualify for an FHA Streamline
like you did when you first got your mortgage. They just verify
that your current FHA mortgage is in good standing and offer you
a lower rate based on this information alone. Pretty good deal if
you ask me...
You can go thru any bank that makes FHA loans, including your
current lender. They might even do it for no fee at all, but check with
them for details.
And just to be clear: This is not a "cash-out" refinance, so you're not
pulling out any equity. You are refinancing just to lower your payment.
Hope this helps. Please keep us posted. Enjoy the weekend!!!
CanDo
"The right attitude is everything"
That info really helps me alot! Thanks
I might be out of luck for a bit though. I closed on the house 7/1/08 with the 1st payment made in September. February will be 6 months.
I'm going to go ahead and call Century21 tomorrow and ask them about it anyway. Never can tell..... right?
Thanks again for the info!
I got an email from my mortgage broker last week
about FHA Streamline refis. 5% fixed for 30 years.
Check with your lender and see what he/she says.
EDIT TO ADD: I just sent you a private message,
goingforadream. Pls login and check your messages.
CanDo
"The right attitude is everything"