Do you have an FHA Insured Mortgage Loan in Eugene, Springfield or Cottage Grove Oregon at a higher than current rate? Have you thought about taking advantage of the FHA Streamline Refinance Program? Then you should be aware of the changes that are coming very soon.

FHA has released these changes which will go into effect as of November 17th, 2009:

1. Borrower must have made at least 6 payments on the loan being refinanced (6 months seasoning).
2. Loans with a 6 to 12 month seasoning must have NO 30 day late payments in the preceding 12 months and also made all payments within the month due for the preceding 3 months.
3. If existing loan has been in place over 12 months, there is a maximum of ONE 30 day late payment in the last 12 months.
4. Net Tangible Benefit: Streamline: Refinance must reduce PITI ( Principal, Interest,Taxes,and Insurance) by 5% or be refinancing from an FHA ARM to a Fixed where the interest rate cannot go up more than 2%…..OR can be from a Fixed to an ARM but the ARM must be at least 2% less than the current rate…..OR reducing the term of the mortgage.
5. Investment properties and second homes are not eligible.
6. Lender must include a signed and dated letter on their letterhead, that the borrower is employed and has current income.
7. The maximum CLTV is 125% of the new value or the original value if the loan is processed WITHOUT an appraisal. This could be the biggest change for anyone trying to reduce their payments on an FHA loan in a declining market.

If you have been thinking about an FHA Streamline Refinance, call me NOW @ 541-342-7576/541-221-3455 Cell or e-mail me so we can expedite the process and keep it simple before these changes take effect.

 

---

Copyright © 2008
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
)

US equities were quick out of the gate on Monday morning. In just a few hours stocks have came close to erasing all of last week’s losses. As of 1pm, the NASDAQ is trading 2.16% higher at 2,136, the S&P 500 is up 1.74% to 1,063, and the Dow is up 1.42% to 9,802….(read more)

Markets are looking optimistic this morning ahead of an insanely busy week. Monday begins slowly with no major macroeconomic data on the schedule, but later in the week are key industry surveys, the monthly employment numbers, critical spending figures, plus housing prices and a variety of speeches from the Federal Reserve Board.

The S&P 500 dropped a heavy 2.2% last week, and moves in either direction could be even more dramatic this week, if data surprises….(read more)