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
- There is no income verification
- There are no asset verifications
- There is no employment verification
- There is no appraisal required
After November 17th
- Applicants must show proof of income
- Applicants must show proof of employment
- Applicants much have cash at closing
- 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.