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What can I do to get more (or better) quotes for my loan request ZR-PHHJVJP

What lenders offer no-cost FHA streamline refinances?
  • January 25 2012 - Saint Louis
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Answers (9)

You had another post asking about a no closing cost refi, while you can refinance without an appraisal it may not be a significant savings due to the higher mortgage insurance today. Look at your payment and give us the breakdown of principal and interest, mortgage insurance, taxes, and insurance. 

@ Erin, one can not do an FHA short refinance on an existing FHA loan.


  • January 26 2012
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There are two of us on the mortgage (joint tenancy w/rights of survivorship) - and both of us have credit scores at 750+.

  • January 26 2012
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I cant see your quote request, do you have a good credit score? If the appraised value is the only issue then you don't have any issues.
  • January 26 2012
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the easiest to confirm Wells as an invester would be to just call Wells
  • January 26 2012
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Is there an (easy) way to find a lender who has Wells as an investor?
  • January 26 2012
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ck--Find yourself a good local lender that has Wells as an investor and have them do a streamline w/o an appraisal going from Wells to Wells.   
  • January 26 2012
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Profile picture for ckiggins
Wells Fargo now services our mortgage (was sold to them right after closing) - I'm sure the short refinance is not a program they would participate in.

We bought for $165k in 2010 (right at appraised amount) - Original loan amount was for $162k and we now owe $157k.  Zillow now shows an estimate of a value of $110k. 

I know an appraisal would show that the home is worth less (or far less) than we owe on it, so anything that would require an appraisal is likely out.  I'm not interested in throwing hundreds of dollars out to have an appraisal done when we wouldn't get a loan anyway.
  • January 26 2012
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Profile picture for GMerino
The problem with FHA streamline refinance depends on if you are doing the refinance with an appraisal or without.  Without an appraisal closing costs are paid for by the borrower and nothing but current interest and loan payoff is allowed to tack on to the loan.  With an appraisal you may include the closing costs into the loan. 

Keep in mind that rates are low and you should be able to build your closing costs into the rate and still receive a great rate. 

Geofrey
  • January 26 2012
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Profile picture for Erin Lantz
Ask your current lender about the FHA Short Refinance which is designed to help homeowners who have an FHA mortgage and owe more than your home is worth and are current on your mortgage payments. You can learn more about the program here: http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/short-refinance.aspx
  • January 26 2012
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