Current FHA Loan? Thinking of Re-fi? NOW is the Time

If you have a current FHA loan and have been thinking of looking at a re-fi, now would be the time.

On November 17, 2009, new, much stricter guidelines go in to effect for those wanting to take advange of the FHA Streamline re-financing program. Meant to help lower monthly housing costs for folks in good standing with a current FHA loans, the streamline process has had minimal requirements.

Prior to the November 17th deadline

  1. There is no income verification
  2. There are no asset verifications
  3. There is no employment verification
  4. There is no appraisal required

After November 17th

  1. Applicants must show proof of income
  2. Applicants must show proof of employment
  3. Applicants much have cash at closing
  4. Applicants can not finance closing costs into the loan without a full home appraisal

Considering how low interest rates are currently, if you have been thinking about a FHA re-fi , contact your loan officer prior to the November 17th deadline or plan on spending more time and money to get it done.

For information on any Lake Powell Real Estate Contact Me by E-mail Or Call 928-691-6444
Your Lake Powell Realtor

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