There is so much confusion out there associated with getting an FHA streamline refinance.
You can still get a low Sonoma County mortgage rate by refinancing your FHA Loan. Because of the way the market is presently, borrowers have the capability of getting a no cost FHA streamline Refinance done. Most people who have FHA loans today would stand to benefit if their rate is 5.0% or higher.You must wait a period of six months from the time that you bought your home to the time that you can get a FHA streamline refinance.
You must wait a period of six months from the time that you bought your home to the time that you can get a FHA streamline refinance.
You have to have a 640 credit score or better in order to have no appraisal required. When you obtain an FHA insured mortgage you pay an upfront mortgage insurance premium to HUD and you also pay mortgage insurance on monthly basis to HUD. Depending on when you took out your mortgage you will get a percentage of your upfront mortgage insurance premium as a credit to the new upfront mortgage insurance premium that will be put in place for you on the new mortgage. Most folks can save upwards of $150 a month on these loans so it makes sense. When we set up the new mortgage you will receive a loan disclosure package which will show the new loan amount as well as cash to close. The cash to close is comprised of interest and property taxes to set up a new impound account. Usually it’s right around your mortgage payment to close escrow so there is no disturbance to your monthly cash flow or to your savings. We set up a new mortgage impound account for the new lender and you will receive a credit back for whatever amount of money is in your current impound account thereby getting a reimbursement. FHA Loans help the First Home Buyer get into a house.
You can get your low rate Sonoma County Mortgage. Email Scott.Sheldon@nafinc.com or call me Scott Sheldon Senior Loan Officer at (707) 217 4000. Call Scott Sheldon for an FHA Streamline Refinance Today!