topic Re: FHA Streamline in Mortgage Loans

FHA Streamline

Donna1966 — Sat, 03 Jan 2009 00:26:47 GMT

Hey guys,

Hope everyone had a great New Year!

I have a quick question about FHA Streamline. My DH and I have made 3 payments now since closing in Sept. From my understanding we'll be able to do a streamline with FHA after 6 payments since our loan is FHA.

My question is, would we do this with our original lender/broker or with our current? Our loan was sold.

Thanks!

Re: FHA Streamline

Donna1966 — Sun, 04 Jan 2009 17:56:47 GMT

bump

Re: FHA Streamline

Anonymous — Sun, 04 Jan 2009 18:16:41 GMT

Hi Donna,

I'm still trying to wrap my head around the FHA Streamline process. I closed in August, first payment in October and am planning to close on the Streamline FHA on/around Jan 30. My orig broker contacted me and we went over the details. My orig loan was also immediately sold from CTX to Chase. My broker has switched offices (CTX downsized here in Indy), and will be doing the Streamline thru his new office. He told me my new loan will once again be sold (likely to Chase or Citi).

I'm sure the experts will chime in soon to answer your specific questions.

I did a search a few days ago and there are some threads on doing a Streamline FHA Refi.

I'd like to add my own question to this thread -- Can anyone tell me where to find out what the published rates are for FHA Streamlines? My broker mentioned 5.5 with hopes that it would go down prior to Jan 30.

Thanks! (And good luck Donna!)

Re: FHA Streamline

Anonymous — Sun, 04 Jan 2009 19:45:41 GMT

I am no expert but I just did a FHA streamline refi after only having it for 3 months.

I went from 6.6 to 5.5 with no out of pocket,I understand it is mostly paid for with Yeild Spread Preminum,I am putting my escrow refund back to pay down principal so my break even will be a little over two years.

my new payment is 130.00 less each month and I skip my Jan payment.

Re: FHA Streamline

DallasLoanGuy — Sun, 04 Jan 2009 20:16:20 GMT

@Donna1966 wrote:
Hey guys,

My question is, would we do this with our original lender/broker or with our current? Our loan was sold.

Thanks!

any lender can do the streamline refi

Re: FHA Streamline

BrianB_The_Loan_Professor — Mon, 05 Jan 2009 05:03:49 GMT

Just keep in mind that out of pocket and no cost are two different things. Your loan amount will be higher.

Re: FHA Streamline

Donna1966 — Mon, 05 Jan 2009 14:40:18 GMT

You guys have answered it!

Thanks so much!

Donna

Re: FHA Streamline

BrianB_The_Loan_Professor — Wed, 07 Jan 2009 18:12:51 GMT

I just came across this in regards to streamline - if your situation fits there may be a 6 month wait

A holding period of six months applies when: (1) the borrower obtained the loan via non-qualifying assumption; or (2) when a borrower is deleted due to devise or descent of law (e.g., divorce, death, etc.) and a quit-claim of interest has been executed. Full credit qualifying is required if held less than six months and/or if due-on-sale clause is triggered. (1-12-C)

Brian

Re: FHA Streamline

Donna1966 — Wed, 07 Jan 2009 19:12:09 GMT

Thanks Brian!

None of those pertain to me...I'm not sure where I got 6 months from, probably an incorrect website.

Thanks again!

Re: FHA Streamline

Donna1966 — Wed, 14 Jan 2009 18:37:48 GMT

I just came up with another question, please...

Will myficos be pulled again for the streamline? If so, I'd like to pay down a couple of cards to boost my score.

Thanks!

Donna

Re: FHA Streamline

DallasLoanGuy — Wed, 14 Jan 2009 18:41:06 GMT

No fico pull!!!!!!

no job

no income

no assets

option 1: i get a mortgage only credit report(the company i use can remove everything but the mortgage before i send credit to underwriting)

option 2: verification of mortgage form completed by current lender.

Re: FHA Streamline

BrianB_The_Loan_Professor — Wed, 14 Jan 2009 18:52:22 GMT

What Tom said except from what I am seeing most lenders will want to know where you work and some will do a verification of employment - but you dont have to list income

Many will also pull your credit just for the score in case there is an adjustment to the rate for a lower score.

Flagstar I kno does both of these.

Brian

Re: FHA Streamline

Donna1966 — Wed, 14 Jan 2009 18:57:30 GMT

Wow, you guys are fast today!!! Thanks!!