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Answers (3)
- Seth Robbins, "SethERobbins"
- Contributions:33
1) Yes as long as the 2nd is willing and does subordinate to the new first mortgage.
2) This is NOT a modification but a true refinance of your existing home so it would be a permanent fixed rate mortgage at a 30 or 25 year term.
3) FHA streamline rates can fluctuate based on the structure of the loan but anywhere from 3.75% to 4.5% but again these rates are based on the guidelines set forth by HUD and the overlaying guidelines from investors (which means the underwriting must meet the minimum standards set out by HUD for FHA insured loans but must also comply with the additional requirements that may be imposed by the money funding the loan). It's important to remember that the FHA doesn't provide the money for the loan they simply insure the balance against default...therefore the underwriters must follow FHA guidelines but can add to those guidelines additional stipulations to qualify!
With what your outlining above I feel that a streamline should work just fine but then again an astute mortgage banker will also be able to show you additional option which may be more advantageous!
2) This is NOT a modification but a true refinance of your existing home so it would be a permanent fixed rate mortgage at a 30 or 25 year term.
3) FHA streamline rates can fluctuate based on the structure of the loan but anywhere from 3.75% to 4.5% but again these rates are based on the guidelines set forth by HUD and the overlaying guidelines from investors (which means the underwriting must meet the minimum standards set out by HUD for FHA insured loans but must also comply with the additional requirements that may be imposed by the money funding the loan). It's important to remember that the FHA doesn't provide the money for the loan they simply insure the balance against default...therefore the underwriters must follow FHA guidelines but can add to those guidelines additional stipulations to qualify!
With what your outlining above I feel that a streamline should work just fine but then again an astute mortgage banker will also be able to show you additional option which may be more advantageous!
- ipso
- Contributions:37
Just did one; this would not be a modification but a new 30 year loan; current FHA rate s/b 3.75% with no lender fees on a 30 year loan. The tiltle company can work with the holder of your 2nd to subordinate. No appraisal required by most lenders.
- Wes Black
- Contributions:509
This has been popular today.
FHA Streamline Refi
Hello- Looking for some advice. I would like to do an FHA Streamline refi. My current loan is 5.25% and was used as purchase money. Balance is 97K. I took out a second right after closing to put new windows in my home. Balance on that is approx 5k.
I would like to subordinate the second and just do a streamline refi for my FHA 30 yr fixed. My fico is 694 and estimated appraised value is 125K.
Question 1: Is this possible for me to do this since I opened a 2nd lien after closing?
Question 2: Would this modify my rate for the remaining term left on my loan?
Question 3: What kind of rate would I be looking at?
Thank you!
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