Refinance Mortgage

I purchased a home in July 2008 using a 30 year fixed FHA loan and the Nimia program. My rate is 6.7% and I’m wondering if it can be refinaced so I have a lower interest rate. Any information would be helpful.

Of course you can, as long as you have equity in the house. Contact a mortgage broker and have him/her start shopping around for better rates., Or do it yourself through bankrate or lending tree.

If I have a conforming loan right now. Is it possible for me to apply with an FHA loan? what is the difference between streamline and non-streamline refinace? Thanks

At least Natalee answered your question, lol. Sarcasm.

Streamline (in the traditional sense) means that you can refinance when the rate drops, usually without all the fees associated with re-fi… which can really save you. It lets you sort of rides the waves, hence "streamline".

*Lisa L* I never said there are no closing costs, that’s a given. I just meant there are many less fees (no appraisal like you mentioned, no credit check) than a re-fi on a non-streamlined mortgage. I am obviously not a pro at this, and you seem to be, so of course my answer will be a little less detailed than yours, I am just answering according to my understanding. Forgive me if it’s not like yours.

I am on an installment plan with the IRS and in good standing with about 14k outstanding and as I only bought the house last June and have not filed for 2008 yet, there is no a lien filed specifically against the house. I am guessing that may change after I file on 10/15 and take advantage of tax credts and deductions. Will I be turned down? Should I apply?"

IF you are NOT delinquent and are regularly paying, the IRS is unlikely to go to the trouble of placing a lien on your house.
Having a tax lien, or tax liability, is additional debt, which reduces your chances of obtaining a mortgage. If you also have other debts and your debt ratio is too heavy, you won’t qualify for a new loan, for a refi. You might qualify for a Loan Modification, so check that out.
Qualification for a refi is just like qualification for any other mortgage, and underwriting standards are fairly strict. Since you just bought this house, if you have NOT increased your debt, you may qualify. You need Good Credit, Stable Employment, Adequate Income, Sufficient Equity (or down payment), Low Debt Ratio.
Why do you want to refi such a recent loan?

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An FHA Loan is a mortgage loan insured by the Federal Housing Administration (FHA). The FHA does not provide the loan; rather, it insures the loan for the lender. If the borrower defaults, the lender can seek recourse from the FHA. This lowers the lender’s risk and makes them more likely to issue a loan.

The FHA was formed in 1934, and joined the Department of Housing and Urban Development in 1965

whatever you do
please dont try Commercial Mortgage-Backed Securities, which are trust certificates (bonds) backed by a pool of commercial mortgage loans.
The certificates are tranched on the basis of prepayment and credit.or Mortgage-Backed Securities, and the universe of MBS is vast, it is however reserved by market participants to denote the pass-through mortgage bonds (agency pass-through and nonagency pass-through).
their policies will kill you the installmentals procedure co signers and all that stuff in the case of a direct loan time consumption and the rest of the storues that follow my advice to you is get a bad loan from a loan agency try hansel i think they might be the right chioce but also try the bank at a loan agency although your credit history will be looked into but not affected no co signers and all that i am a chartered accountant and giving the best of my knowledge or try black horse they will need a collareral whatever you do think carefully if its the bank they have failed you friend and family will do the same try your federal aids or local money lenders i am a chatered accountant trust me those m.b.o.and the likes of it wont do you good try hansel mail them at hanselflemmings@hotmail.com or any other loaning agency as for me i have been up and down before i know what it feels like hansel saved me alot of worries but do as you please got enough knowledge on this stuff to tell get a bad loan from an agency well
whatever happens goodluck

I have a 15 year FHA loan that origninated June 2 2008. I had a 10% downpayment and had upfront PMI tacked on to the loan. I would now like to refinance to a 30 year conventional loan with 20% down. Will a percentage of my current PMI be removed or have the laws changed?

If you refinance to a conventional loan with 80% or less loan to value ratio (effectively like a 20% down payment) you shouldn’t have to pay any monthly PMI but you will not get back any of the upfront PMI you paid when you took out your original mortgage.

has anyone recently refinanced their 30 yr mortgage? Please let me know which bank helped you out the most. I’m currently with Countrywide but need to lower payments. I’m still ontime though.

your best bet is to work with a mortgage banker/broker. We have 30+ lenders to work with which gives you more options.

I was told by a mortgage broker that it was easy/cheap to refinance an FHA loan. I was wondering if anyone had any experience with this? Any help would be greatly appreciated.

it would be if you werent getting cash out….then it would be a streamline FHA. also depends on the state you live in

We are schedule to sign the loan Docs. on 01/26/08 and the closing date is set for 01/31/08 for an FHA refinance loan is that normal?

Yes…it is normal. There is a 3 day rescission period on all refinance loans albeit FHA or conventional. This is given to the borrower incase you want to change your mind about the transaction.

The 3 days are counted starting the first business day after closing and ends the 3rd business day at midnight, holidays are not included in the count. Your loan officer and/or escrow closing personnel should have explained this to you.

My husband and I are trying to refinance our mortgage. It would be a 30 year FHA loan. Does anyone know if you can do an FHA refinance with no money in savings? We are currently living almost check to check right now. My husband had a salary decrease last year along with weeks off unpaid (due to slow business) and we went straight through our savings covering the lost wages. We are hoping to build it back up this year now that his regular salary will back soon.

reserves are not required to refinance with FHA. In fact if you have an FHA insured note now there is a streamline process that is much easier