If you have an FHA loan with a rate at 6% or higher it is now or never to streamline your loan to a rate in the low between 5% and 5.5%. The FHA is pulling the plug on this program Monday November 16th.
Streamlines currently require no appraisal, no income or asset verification, and no money at closing. They allow you to significantly lower your interest rate, skip a month’s mortgage payment, and receive a refund on your current escrow account.
All you need is to qualify is no 30 day late payments on your current FHA loan and a credit score above 620. Contact us in the sidebar now if you fall into that category. If we get your application started by Monday we will be ok.
[2012 Update — The “now or never” talk was hyperbole. It turns out that three years later there has never been a better time to get an FHA streamline. Fill in the form on the right if you have an FHA loan to get more details.]