Time To Consider Streamline FHA Home Loan Refinance?
FHA LOANS, HOME LOANS
September 8th, 2010
For years, borrowers utilizing loans insured by the Federal Housing Administration could apply for a refinance
to lower their interest rate without all the headaches of full documentation and fees. Today, homeowners with FHA loans can take advantage of historically low rates with even less hassles.
Here are some important details:
- Must have a 660 credit score or better
- Existing loan must be at least 6 months old
- No thirty-day late payments in past 12 months
- Lender will call wage earner’s employer for verbal verification of employment
- Self employed borrowers must provide copy of business license or prove existence of business
- All “other” income must be documented
- Borrower must have appropriate debt-to-income ratios
In some cases no appraisal is required- the original appraised value is used. Currently, interest rates are below 4.5% for borrowers with good credit. If you are paying 6% or more on your existing FHA loan, taking advantage of today’s rate could result in 25% of interest savings. A $200,000 loan at 6% interest is roughly $1,200/ month for principal and interest, not including taxes, insurance or mortgage insurance. At 4.5%, the payment would be $1,013. If the loan refinance fees were about $2,500, you would break even in about 14 months, then save about $183/month thereafter.
For more particulars regarding an FHA refinance, contact Wayne Barni of Choice Funding at 530-224-6707.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL LIVING REAL ESTATE PROFESSIONALS
CORNER OF COURT AND PLACER IN REDDING
MORE THAN 25 YEARS LOCAL REAL ESTATE EXPERIENCE
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