Profile picture for regretful_home_buyer

How can people voice their concerns to FHA?

I would LOVE to be able to streamline refinance my 30yr fixed to a 15yr fixed, but I've come to understand that this is impossible due to the current FHA streamline guidelines.

Do we, the people, have any way to voice our opinions about this??

Also, is there a central resource where we can go to stay informed about regulation changes?  I've had a really hard time finding thorough information on the current guidelines.

Thank you.
  • July 14 2012 - Baltimore
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Answers (7)

Profile picture for regretful_home_buyer
Thank you for your responses!

I guess I fundamentally misunderstood the purpose of the FHA Streamline refinance program.  I thought it was to save people money in general (which it absolutely would for me in the long run), but I guess it's specifically to help people save money NOW in their CURRENT circumstances to help avoid defaults/foreclosures (hence the 5% reduction in monthly payments requirement).  Is that correct?  If so, it sounds like a fair program.
  • July 14 2012
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Profile picture for Dunes ..
Not funny..Truth
Been around a long time..posted/read on many RE Sites to earn my rep as "That troll with an Agenda!"

That being said and stepping for a moment away from my "That troll with an Agenda!" spot... I feel very comfortable referring or complimenting or listening to Clay.

 I think many many others would agree...


  • July 14 2012
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That's funny Dunes. OP, if you want to follow FHA changes then you can watch for new mortgagee letters at this address:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

In addition to the guidelines HUD establishes most lenders have their own overlays on top of HUD's guidelines like credit score, DTI limits, occupancy, property types, etc so it may depend on which lender you are talking to when looking for a specific capability. FYI, a couple of the largest lenders in the country recently amended their own policy regarding streamlines, they will no longer do an FHA streamline unless they already service the loan.        

  • July 14 2012
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Profile picture for Dunes ..
My Opinion:

At Ziillow Clay would be my choice for "a central resource where we can go to stay informed about regulation changes"
  • July 14 2012
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All streamlines require a net benefit of 5% comparing your current principal & interest plus MI payment vs the new principal & interest plus MI payment. If you can not get the 5% payment drop on a 15 Year, look at a 20 Year.
  • July 14 2012
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Profile picture for Dunes ..
Thought I was at Trulia for a minute...
"No spam or self-promotion! See our Good Neighbor Policy."



Have you given this FHA Page a look?
or Email  answers@hud.go

Complaints/feedback ect...Try the Consumer Financial Protection Bureau CFPB

"If you've experienced difficulties with a financial product, we want to hear from you. We'll forward your issue to the company and provide you status updates. Submit a complaint"

"Your story, good or bad, about your experiences will inform how we work to create a fairer marketplace.Tell us your story"

  • July 14 2012
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Hi there, First, congratulations on being a homeowner and investing in yourself and future. You are not alone regarding refinance and desire for restructuring your current loan, specifically considering those that bought their properties between 2003-2006. What i would suggest is [self promotion and contact information deleted by Zillow moderator.  Please see our Good Neighbor Policy for posting guidelines]
  • July 14 2012
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