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Replies (5)
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
First item before trying to address your other questions - no such thing as aStreamline from a 30-year to anything but another 30-year if you are trying to do this without an appraisal. FHA does not allow a 30-year to be refinanced as a Streamline to a 20 or 15-year term.
1) No - borrowers on a Streamline need to remain the same as the borrowers on the original Note
2) Clock starts over on the monthly MIP
3) Yes - will pay the now 1% UFMIP again
4) Only if he does a new loan at a 15-year term. Monthly MIP of .25% for LTV's at or below 90% vs .50% for LTV's above 90%
5) Answered on #4
6) You can refinance with any lender licensed in MO - does not need to be your present servicer.
Biggest issue is going to be whether the property will appraise to support the LTV's discussed since you will need an appraisal if doing anything other than a new FHA 30-year.
1) No - borrowers on a Streamline need to remain the same as the borrowers on the original Note
2) Clock starts over on the monthly MIP
3) Yes - will pay the now 1% UFMIP again
4) Only if he does a new loan at a 15-year term. Monthly MIP of .25% for LTV's at or below 90% vs .50% for LTV's above 90%
5) Answered on #4
6) You can refinance with any lender licensed in MO - does not need to be your present servicer.
Biggest issue is going to be whether the property will appraise to support the LTV's discussed since you will need an appraisal if doing anything other than a new FHA 30-year.
- Jeff Henderson
- Contributions:4
Thanks Patrick. Sounds like sticking with the 30 year Streamline is the way to go at this point. Are you lending in MO? What rates and fees would you be offering?
-Jeff
-Jeff
- Jeff Henderson
- Contributions:4
OK... one other item that apparently is causing an issue. The home, when owned by my sister, had begun the foreclosure process. Quicken Loans wouldn't touch it, even though it had been current for over 12 months and never went through foreclosure. With the current lender in OK and not doing new business in MO, what can we do? Can we get the OK lender to release any foreclosure "holds" on the house since it is current and in good standing?
Thanks!
-Jeff
Thanks!
-Jeff
- Nic Netherton, "Colorado Lender"
- Contributions:7219
How long ago were the lates and how late did it go? 30, 60, 90 days?
One other issue you may run into would be the fact that you are attempting to remove a borrower from the loan. Therefore the remaining borrower will need to qualify for the new loan on his own merits, thus won't be a 'streamline'.
Some lenders used to still allow for a streamline if you could prove that the remaining borrower has solely made the payments for the most recent 6 or 12 months but not sure if that is still the case.
One other issue you may run into would be the fact that you are attempting to remove a borrower from the loan. Therefore the remaining borrower will need to qualify for the new loan on his own merits, thus won't be a 'streamline'.
Some lenders used to still allow for a streamline if you could prove that the remaining borrower has solely made the payments for the most recent 6 or 12 months but not sure if that is still the case.
- Patrick Nolan, "Bucks County Banker"
- Contributions:239
Jeff:
No, do not do business in MO. If no foreclosure, and current for the previous 12-months you should be able to provide acceptable documentation to a be able to do a Streamline Refi.
You more than likely need to find a MO mortgage lender your self that is willing to take the time to work on this and who knows what they are doing.
You might want to start with the James B. Nutter Company - national mortgage bankers who are headquartered in Kansas City, MO or directly contact some of the Zillow mortgage loan officers with 5 out of 5 reveiws who work for banks and can lend anywhere.
The problem you run into right at this particular point in time is anyone in this industry who is highly competent and has been around for awhile has more business than they can handle, so a "hobby loan" (I will work on that loan when I have time for a hobby) is not high on their priority list.
If you're persistent you'll find the right person, and the right person is more important than the right organization.
No, do not do business in MO. If no foreclosure, and current for the previous 12-months you should be able to provide acceptable documentation to a be able to do a Streamline Refi.
You more than likely need to find a MO mortgage lender your self that is willing to take the time to work on this and who knows what they are doing.
You might want to start with the James B. Nutter Company - national mortgage bankers who are headquartered in Kansas City, MO or directly contact some of the Zillow mortgage loan officers with 5 out of 5 reveiws who work for banks and can lend anywhere.
The problem you run into right at this particular point in time is anyone in this industry who is highly competent and has been around for awhile has more business than they can handle, so a "hobby loan" (I will work on that loan when I have time for a hobby) is not high on their priority list.
If you're persistent you'll find the right person, and the right person is more important than the right organization.
Florissant FHA Streamline Advice, Competitive Quote
I'm currently living in CA, but helping my dad who lives in Florissant on an FHA Streamline. I do have a few questions, but also looking for competitive quotes on a streamline to 15yr fixed. He's currently on a 30yr fixed @ 6%, 48 months into the loan and has been current for the past 12 months.
Here are the other questions:
1) My dad is now living at the property in which he originally co-signed for my sister's original FHA note, which was started about 46 months ago. Can we streamline it into his name?
2) With the note at 46 months, there is no upfront FHA MI refund possible under the new rules. Will the clock start over on the monthly PMI or will the monthly PMI stop in 14 additional months?
3) Is there an additional up-front mortgage fee again since the rules changed since the initial loan?
4) The loan is currently at 91% LTV. If he pays it down to <90% LTV, will this help him on the PMI front?
5) I have read some conflicting information about this on various sites, but it appears that the 2011 guidance does show a significantly reduced monthly PMI if he moves to a 15yr fixed and is <90%LTV. I am going to suggest he o this, as he can afford the monthly. Is this possible with the current FHA rules?
6) The loan has been sold 3x and is now serviced by Midland Mortgage in OK. They do not offer refinancing in Misosuri. Can this loan be moved to another bank which is licensed to do business in MO?
Thank you for your help!
-Jeff
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