Tuesday, July 3, 2012

Guidelines for an FHA Streamline

Guidelines for an FHA Streamline
With all the talk of how attractive the interest rates are for purchasing a home, there is one point we have overlooked – the ability to refinance your current home loan. And with the recent market recovery, property values are finally on the road to positive equity. There are many benefits to a loan refinance and I would like to share with you the guidelines for an FHA streamline:
  • Loan must be FHA insured prior to 5/31/2009 to be grandfathered into old monthly mortgage insurance of .55% vs. current 1.25%. Mortgage insurance premium is .01% (virtually nothing) vs. current of 1.750% of the loan amount
  • No Income Qualifying, must, however verify employment
  • No Appraisal Required
  • No Closing Cost Options
  • No More than 1x30 day late in last 12 months on mortgage
  • Skip a Monthly Payment
If you or someone you know may benefit from an FHA streamline refinance, I would like to refer you to an excellent loan officer who can assist you. Jon Tobias with Nova Home Loans and his team have over thirty years combined experience in the mortgage industry. Jon has consistently been in the top of his industry as a mortgage consultant, per the Scotsman Guide.

Nova Home Loans offers a wide variety of loan products to choose from, attractive interest rates and an established reputation for successfully closing loans. Ultimately, what makes Jon’s team so special is their commitment to what really matters to their clients – communication, integrity and timeliness. Their goal is to make every transaction as simple and clear for everyone involved. You can reach Jon Tobias at 480-626-2202 or visit him online at www.tobiasteam.com.

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1 comment:

  1. Very good post regarding FHA Streamline. You have mentioned the complete process in a step wise and function of that step. Your post really helps so many borrowers who are looking to go for refinancing a home mortgage.

    FHA Streamline