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How long does the FHA loan refinance takes? what are the fees?

How long does the FHA loan refinance takes? what are the fees?
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July 27 2012 - Lawrence
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You will have to ask about the FHA Streamlines.  More and more lenders that service loans are only doing streamlines for their loans.  I am going to guess that you will not qualify for a USDA loan.  There are income limits with this loan and off the top of my head can not think of a circumstance where $250k would be under the limit.
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July 28 2012
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How do i know if the lenders are offering FHA streamline or FHA Conventional ?

What about USDA loans? our 2 person income is close to 250,000?

thank you for replying
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July 28 2012
TheIf your loan is currently an FHA loan then you are in luck. No appraisal, two weeks, and depending on when you got the loan limited to no fees. At least that's how we do it.

If you are going from conventional to FHA then you are going to be in for a pretty bumpy ride with fees. The UPMIP is 1.75% before you even tabulate 1 dime for other costs. However FHA loans have much more SRP than conventional loans, and at lower rates.

What this means for you as the consumer is should you be fee sensitive as oppossed to rate sensitive you can do a free loan. litterally Zero Costs at all not one dime. Lately we have been forced to cut our lender credits down, because we paid to much and actually were paying peoples current mortgage down which is not allowed on an FHA streamline.
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July 28 2012
Whether it's a FHA streamline refinance or a regular FHA refinance, closing times usually take between 20 to 45 days, depending on lender volume for that month.

If you are not aware, a FHA streamline refinance does not have any closing costs added to the loan, and depending on the rate and loan amount, the closing costs are usually absorbed by the interest rate premium/rebate.

For a regular FHA refinance, closing costs consist of lender fees, appraisal, credit report, flood certificate - which usually range from $1200 to $1500.  Title fees are also part of the closing cost that are included in your new loan and, depending on your state and loan amount, can range from $900 to $1800.

And remember, the lower the rate - the higher the closing costs...and conversely, the higher the rate, you got it...the lower  the costs.

Hope that gives you a general idea.
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July 27 2012

User...Thanks for contacting me Offline.  For the benefit of those reading this post, FHA will allow for 97.75% financing.  While the rate is low, you have mortgage insurnace to the tune of somewhere around $350 a month and there is no way around it.  A conventional loan will allow for 95% financing in your case where the second mortgage was taken out on the purchase of your home.  While the rate may be a higher, the mortgage insurance is almost half of FHA and there are ways to manage it to save even more monthly

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July 27 2012
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Joe Cafiero,

I have spoken to many lenders and all seems to think that is the only option. do you think i have more choices?

thank you for your reply.
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July 27 2012
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If it's a FHA streamline, most lenders will complete this within the month if you start the process near the beginning of the month.
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July 27 2012
As with any refinance your should expect 45 days with the volume that exists right now.  Some cases it can be done quicker.  Closing costs are the same as a conventional loan with the exception of an Up Front Mortgage Insurance Premium that is financed into the loan amount.  Currently that is 1.75% of the loan amount.  I saw you other post.  Can I ask why you are considering this route.
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July 27 2012
15-90 days depending on the lender.

The fees are Origination, UFMIP, settlement services, recording, credit report, flood certificate, tax cert (paid by lender), and possibly other state specifc taxes or other customary fees.
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July 27 2012
 
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How long does the FHA loan refinance takes? what are the fees?
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