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FHA Streamline refinance possible with lates last year?Current payments for past 8 months.

FHA Streamline refinance possible with lates last year?Current payments for past 8 months. Bought property for $320k Balance $293k Property value $450k Looking to move to 10 or 15 year fixed rate. Is streamline refi possible and what rates ballpark? Credit score 650-680.
  • May 07 2013 - San Jose
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Answers (10)

When I read your question and various responses, I am confused as to how many lates you had last year. If it was only one, there are a couple investors that allow one late payment in the last 12 months as long as you have been current for the past 3 months. Obviously it is a very select few that will allow this for a streamline.
  • May 07 2013
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Profile picture for Sandykayhomes
Ok -- I bow out and apologize for any inconvenience I have caused you

Good luck with your refinance and I hope you find a very good loan broker to help you

Best of luck
  • May 07 2013
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Profile picture for AnneChun
@sandy, still rude! Would NEVER reccomend you!
  • May 07 2013
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Profile picture for Sandykayhomes
I'm not trying to get business as a real estate agent and I do not do loans.
Clay Branch made a series of very valid comments that back up my intuitive answer.

My real point was trying to rework numbers after you purchase a home is expensive rather than trying to come up with the full picture before you buy a home. The questions I have to ask my buyers is "can you afford the home and the terms that are given to you?"  "If one member loses their job how will you make the payments -- what reserves do you have?"
"Have you talked to your cpa about whether buying a home is the right thing to do"

I have been through two recessions and have seen too many people sadly lose too much and stuggle with the loss of many homes. What I do is preventative real estate meaning ethical real estate that avoids trouble with the sale based on using my great mortgage brokers who vet and test a clients ability to purchase before they buy.
I apologize for not clarifying my response
  • May 07 2013
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"You may still have time to delete your reply"

Wayne told a funny, lol.

Anne, you will not qualify for an FHA streamline if you have a 30 Yr now, you have to show a 5% net tangible benefit which wont happen since the new payment will be much higher than the existing payment ( assuming you do not already have a 15 Year term ). While the 15 Year Conforming loan does not punish you for the credit scores like a 30 Yr would, the 2 lates will probably be too recent for a Conforming approval, unless you have very strong assets and a good reason for going late. 
  • May 07 2013
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@sandy- I asked about refi, not of I can afford my place- Rude and will never do business with you! You should be ashamed of yourself!
  • May 07 2013
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Sandy,
You may still have time to delete your reply...........first paragraph doesn't make sense and 4th sentence  is erroneous.  Surely you don't think a 30 yr rate is lower than a 15 or 20 yr rate?!
AnneChun,
Why would you even consider FHA with a 65% loan to value? Even if you bought before 5/09, conventional (particularly 10 or 15 yr) would be far better option. You may have to wait until 12 months since late payment has elapsed, but that is not far from now.
  • May 07 2013
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Profile picture for Sandykayhomes
The first thing I would ask myself is do you really want to be a homeowner if you are already having trouble making payments.
The great thing is here that you made money on the purchase and could pocket that money.

Having said that you now with lates have more work to refinance.

A 30 year fixed is likely going to be a lower rate than a 10 or 15 year loan
Start with your local bank and talk to their senior loan officer. See if they will refinance the home -- that is the simple answer. If they won't reconsider. Mortgage brokers sometimes have more latitude than banks but the bank you work with regularly is your best source for a first try
  • May 07 2013
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Hi Greg, I think about 31-40 days late back in July, August last year.
  • May 07 2013
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Anne,

How many lates in the last 12 months, how many days late, and if more than one late were they in concurrent months?

And do you know for sure that they are reporting as late payments? You have to be a full 30 days late for the lender to report it as a late payment on your credit report. 

Sincerely,
Greg Cowart
  • May 07 2013
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