Has anyone refinanced their house through FHA Streamline?
Written By: admin on June 28, 2009
One Comment
I keep getting mail from different mortgage companies who want to refinance my house for supposedly no down payment, no closing costs, no appraisals and are offering a much lower interest rate. It seems too excellent to be right. I questioned the rep. if there was a catch, of course they said that there wasn't…has anyone refinanced there home through one of these "FHA Streamline Specialists" and if so, is there a catch?
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Tags: appraisals, fha, FHA Streamline Refinance, interest rate, mail, mortgage companies, quotTags: appraisals, fha, interest rate, mail, mortgage companies, quot
I closed one today. I am the Loan Officer, not the borrower. I do these frequently. It is an brilliant loan, but it sounds like not everything has been told to you. My first advice is to call your original loan officer, do not go through someone who solicits by mail or phone. If it is a right streamline there is no appraisal needed, no income qualifying. It is possible all your costs MAY be able to be place back in your loan, that is why they are telling you no closing costs. There ARE closing costs, just not out of pocket. Deal only with someone you trust. I cannot stress this enough.