FHA Streamline Refinances are a good option for you if:

• You have an FHA Mortgage at a rate higher than current market rates.
• You got your FHA loan a year or two ago, and you want to take advantage of the new lower FHA MI.

FHA Streamline Refinances are can only be done on existing FHA refinances.

• Underwriting is relaxed, compared to Conventional Mortgages.
• You need a score of 640 or higher.
• You don't necessarily need an appraisal.  Only if it works to your advantage.
• You do not need a lot of money to qualify.  You only need to show you have the funds you need to close!
• In many cases, we can cover your closing costs!

There is no sugar coating the fact that FHA monthly mortgage insurance has gotten very pricey in recent years.  This is why we consider it an  option for a first time home buyer, that than the go to option it used to be.

FHA charges MIP (mortgage insurance premium) two ways.  When you close, you are charged 1.75% of the starting loan amount.  This fee is rolled into your loan balance.  The calculator at right is FHA specific, and will illustrate how this  works.

FHA also charges a monthly premium.  The factor determining how much you pay depends on the loan term, and the amount you have down.  If you put at least 5% down, the factor decreases slightly on 30 year terms.  But you pay it for the term of the loan, which is a serious negative consideration!  15 year terms have lower factors.