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Want FHA streamline

Credit is  about 635. Have cash to bring down credit cards to below 50%. Whats the best rate i can get? I need to wait til June. Last refi was 2/2009.
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April 13 2012 - Covina
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There are a lot of factors involved, and this is a good time to locate a loan officer in your area/state by going to Professionals tab above. You may not need to pay down credit cards as 635 credit score would be feasible, and benefit of higher score may not be worth spending money to reduce debt. In any event in would likely only mean increasing one of your scores to get above 640. Depending on your current rate, getting a slightly higher rate with a lender credit to cover most or all of your closing cost/prepaids may be to your advantage. All this and more can be determined by talking to an EXPERIENCED loan officer that is familiar with FHA/streamline refinances.
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April 14 2012
Chuck/Norm...Why let reality get in the way of a sales pitch?
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April 14 2012
"Hopefully an appraisal waiver?"

On an FHA streamline, owner occupied, it's the client's choice if he wants to do the streamline with, or without, an appraisal; there's no "hopefully" involved.
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April 14 2012
"  You may qaulify for a HARP 2.0 refinance also."
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I'd love to know how one does that when they have an FHA mortgage!


" Hopefully that can get an appraisal waiver on the property also."
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Wow, someone knows NOTHING about FHA at all! 
How very sad they are giving "advice" here.

Let us not miss this jem of a response either:

" is there a specific reason you are looking for a FHA streamline vs. a conventional refinance? like James said below you might qualify for a HARP 2.0 program loan."
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Hmmm, maybe because they have an FHA mortgage? I dunno, just a guess. Same question to you. How does one qualify for HARP 2.0 when they have an FHA mortgage?

Can't wait for responses.


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April 13 2012
Run from anyone that tells you they can refinance your loan for Zero cost.  It doesn't exist...it's spin.  There is always a cost...they simply can be paid in different ways but a cost always exists!
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April 13 2012
You can qualify for an FHA streamline with no appraisal.  Rates will probably stay in the 4-4.25% range but that is just a guess based on the currrent econmic data.  The is no such thing as a "zero cost loan".  What this refers to is building the costs into the rate (higher rate and have lender credit pay for the costs) versus paying for a lower rate.You should pay down your cards to get the score above 640.  That is the min most lenders require for a streamline refi.
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April 13 2012

Find a lender that can do the loan for ZERO cost.  Hopefully that can get an appraisal waiver on the property also.

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April 13 2012
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Wont the MIP go down if i wait after june? Obama's new Refi program?
I curently have an FHA ( thats why i want a streamline)so doesnt that disqualify for HARP. I also want no out of pocket money.
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April 13 2012
is there a specific reason you are looking for a FHA streamline vs. a conventional refinance? like James said below you might qualify for a HARP 2.0 program loan.

the FHA streamline will require at least a 5% in monthly savings and although the interest rates have fallen, the monthly mortgage insurance premium has gone up since 2009 which eats away at a lot of the payment savings making it harder to obtain that 5% in monthly payment savings required for the FHA streamline
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April 13 2012
you are looking at 4.00% to 4.25% - You may qaulify for a HARP 2.0 refinance also.  Please review my profile for details.
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April 13 2012
 
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