FHA Streamline

[SillyWorld]

Has anyone ever gotten an FHA streamline refinance.??

Is there much involved, I recently went to a local bank and they claim it can be done, but awaiting there proposal's or whatever kind of offers they can make, told me $500.00 should get me a lower rate, if this is true it will be great and save my credit as the Citi that is the servicer claims there is no such deal to streamline a loan when an Ivester has the deed..??? FHA HUD tells me otherwise..??? The Local banks says the same it can be done if the bank wanyts to give you the refinance streamlined loan, they told me I had EXCELLENT credit, just too much outgo verses income to do normaL REFINANCE..???

Thanks

[SillyWorld]

You mean 40 people looked in here and nobody has an FHA Loan.??

[SillyWorld]

OK, if anyone reads FHA streamline is easy for anyone, BUT if you have any second lein on the mortgage 1, forget it no streamline for you, most if not all mortgage, and unvesters as of March stop allowing 2nd lein to be moved to new mortgage... so for me back to the wait for MOD game..Jeez

[Azzee]

Hello,

I just joined the forum so I apologize for my late response. My husband and I did a streamline refi this time last year. It is painless and priceless. We did not pay a single dime. We have an fha loan and we automatically qualified. There were no credit checks and no money down. We simply went from a 7% interest rate to a 5.5% interest rate. It brought our payment from $2,800 to $2,500. Unfortunately for us we still have some difficulty making that large payment. But doing the streamline has helped. I would look into the acutal guidelines around streamline, because we paid NO FEE's and we even got to skip a month. So our first payment was not due until July 08, but we did the Refi in May of 08.

Hope this helps!

[SillyWorld]

Welcome to the Forum...

You see I have a Second Mortgage, and this causes an issue on the streamline when you have total 1st and secind together make over the 97% allopted amount, but we are still working on it

[Azzee]

Well, yes that could be somewhat of an issue (having 2), but I say continue to move forward. I hope all works out for you.

[mandyk333]

The company I talked with says they have to run my credit for the streamline? I have been told twice now that is not true. When I told her that she said she would run my credit and if there were issues we would pursue other options? Does this make sense?

[SillyWorld]

Lenders do not Have to run a check, BUT they have the option to do so, especialy if you are taking money out and adding more on to the new loan, a plane streamline does not require it but lenders have the option just to find out whats going on with your bills..

[amortgagemannomore]

An FHA streamline refinance requires that you be current on your mortgage, and after closing costs, the new mortgage amount does not exceed the original mortgage amount. You must also be able to lower your interest rate at least one percent on a fixed rate mortgage, or in the case of an adjustable rate mortgage, you always have the option of converting to a fixed rate. You are also subject to a CAVIRS check, which will show any other government liabilities, such as IRS or student loan issues. If CAVIRS comes back with an issue, then those issues must be cleared before you can possibly do even a streamline refinance.

When you have a second mortgage, along with an FHA mortgage, the second mortgage holder must agree to the refinancing and remain in second position.

If you are trying to eliminate the second mortgage, and combine it into the new FHA mortgage, then that would be a credit qualifying cash out refinance, and subject to new appraisal.

It is true that most lenders want to protect their interest and pull a credit report, as well as have at least a drive by appraisal completed, but these are not actually requirements, nor reason to decline an FHA Streamline Refinance.

[SillyWorld]

Looks like I may end up doing a Streamline went with NACA and no answers, but I may have gotten the RAW deal cause Interest Rates are now back above 5%, was gonna do a Streamline but looked like I would only saved $90.00 a month and it would have costed me $8000.00, you say why so much well it would be no payment for 2 months, they added in my yearly cost of escrow, which I would have a rebate from old escrow of $1700.00 so in all to refinance add me back to a new 30yr, saving 90.00 a month new loan would end up owing more than now...??? they call this help, pray NACA can get mea good offer so I can at least afford to get FOOD...

Sorry for the Rant

[CW California]

Silly
My mom, who is 88, has applied for a streamline. They are telling her she recently moved from stage 3 to stage 4. Do you know what these "stages" are?

[SillyWorld]

Originally Posted by CW California

Silly
My mom, who is 88, has applied for a streamline. They are telling her she recently moved from stage 3 to stage 4. Do you know what these "stages" are?

Was this with a normal bank or finance company, or a 3rd party assistant, when I applied it was only a 1 week deal, apply, get recall on info, then wait for Good Faith estimate, then agree or deny, I denied cause NACA said they could save me the $8,000.00 in charges to streamline and keep my terms the same instead of new 30yrs Which if this restructure thing makes your credit go down just like a BK or foreclosure I may have to take a streamline again...

[CW California]

She is going thru Wells Fargo, her lender.

[SillyWorld]

If she has no 2nd mortgage then its almost ready i would say your currewnt bank will do streamline as long as no second mortgage, but you will not get as good rate as you would with NACA

[SillyWorld]

For those who think just because you have an FHA that you cannot qualify for the Obamba plan..Well your Wrong and so is your bank

The Following link will show the US GOV has now included all FHA investors to allow MODs under the Obamba plan

FHA Borrowers Now Eligible for Loan Modification Programs

[chanchis03]

Hello: Does anybody knows if I can refinance streamline without using my husband who was originally on the first loan? He will be on the title but not on the streamline refinance, can I do that?

Thank you,

[SillyWorld]

All up to the Bank you use give one a call and see what they say, but usualy who ever is on the Deed would need to be on the loan, unless they signed a Quit Deed

[Fairlady]

I have gotten some letters in the mail about the FHA streamline but don't think it is an option for me since I am not current on my mortgage. I wouldn't feel comfortable with my credit being pulled anyway since it is terrible right now due to being several months behind. I'm still hoping that NACA can do something to assist.

[SillyWorld]

Originally Posted by Fairlady

I have gotten some letters in the mail about the FHA streamline but don't think it is an option for me since I am not current on my mortgage. I wouldn't feel comfortable with my credit being pulled anyway since it is terrible right now due to being several months behind. I'm still hoping that NACA can do something to assist.

Credit Good or Bad makes no difference all it is and can be used for in a streamline is to see how you pay your bills, and how many bills you currently have..NACA works the same way