Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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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 refinanceIMG_3749 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

This entry was posted on Wednesday, September 8th, 2010 at 10:26 am and is filed under FHA LOANS, HOME LOANS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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