Refinancing 6 months old FHA mortgage?
Written By: admin on October 13, 2009
One Comment
I bought a house 6 months ago and got 6% interest rate on 30 yr FHA. Watching the rates go down made me wonder if I can refinance. Since FHA is a government-backed mortgage loan I was wondering what the options were. I read something about FHA streamline refinance but didn’t really know if that’s what I could do. How much are fees?
My lender is US Bank
thanks
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Tags: FHA Streamline Refinance, interest rate, mortgage loan, us bank, yr fhaTags: interest rate, mortgage loan, us bank, yr fha
An FHA streamline refinance is an brilliant program. Since you are already on an FHA loan – FHA allows you to do a streamline refi which basically reduces your rate- Fees are minimal and can be included in the loan- there is no appraisal needed, no income docs needed and no credit check. The only requirement is that you have paid your mortgage/or rent (in your case 6 payment on mtg. & 6 months rent or mortgage where you lived before) on time with no 30 day lates.