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Can I streamline refi to 5 ARM?

Profile picture for lancy02
I currently have FHA 30year fixed loan, 90% LTV probably higher :(. Can I do Streamline refinance to 5 year FHA ARM?  I am trying to avoid appraisal and other paper works.
Thanks.
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August 02 2009 - Cambrian Park
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Answers (4)

Profile picture for Voyage Home Loans
You can avoid the appraisal if you are prepared to bring some cash to the table. Depending on how long you have been in your FHA loan, you may need to bring your reserve account and a month or two of payments to the closing table.
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August 04 2009
Profile picture for lancy02
I am in California. I thought conforming loan limit is higher than 417k?

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August 03 2009
Profile picture for SunriseVistaMortgage
Yes, technically since it is FHA to FHA you can streamline. However, going from a Fixed to an ARM (reverse of most) will be a little harder to get an underwriter to sign off on. It would really depend on the terms of the current loan, i.e. rate. But yes, a FHA Streamline has no appraisal, minimal closing costs and only 6 items of paperwork needed from you. Since underwriting turn times are fast now, if you acted quickly a closing before the end of the month is still possible.
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August 03 2009
Profile picture for C2 Financial of CA
If you're loan amount is below 417K you should be able to do a Streamline refi without an appraisal to a 5/1 ARM. However, if the loan balance is above this amount the pricing isn't competitive as compared to a 30 Year Fixed. 

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August 03 2009
 

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QuestionCan I streamline refi to 5 ARM?
  • Latest answer by Voyage Home Loans
  • August 04 2009
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