FHA Streamline Refinance

FHA loan refinance to lower interest FHA loan.
  • No Appraisal Required*
  • No Income Verification*
  • No Employment Qualifying*
  • No Assets Verification*
  • No Credit Qualifying*
  • No Debt Ratios
  • No Seasoning Required*
  • No Face to Face Application
* These items changed since Nov 17, 2009

VA Streamline Refinance

VA loan refinance to lower interest VA loan.
  • No Appraisal Required
  • No Income Verification
  • No Assets Verification
  • No Credit Qualifying
  • No Debt Ratios
  • No Seasoning Required
  • No Face to Face Application

FHA 203K Streamline Loan

Simplified (Streamlined) version of FHA 203K loan. It is "light" rehab loan (up to $35,000) under FHA guidelines perfect for most light fixers and upgrades. Owner occupied properties only. When combined with FHA purchase loan can be used for "fixer" purchases.
  • Can exceed the purchase price
  • Can be adjustable or fixed rate
  • Owner can do some of the work himself
  • Up to 6 months to complete work

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Should I do the streamline refinance on my VA loan?

By
I have a brand new home priced at around 115K with a loan at 6.25% for 30 years. I have been making payments for about 12 months already, and thinking about refinancing to get a lower interest rate and lower my monthly payments. Closing costs for CitiMortgage is roughly 2k, and USAA is 3k. CitiMortgage has offered me a 5% interest rate at o.25 points, and USAA offer was 4.75%.

If I do this streamline refinance would I be in good shape to sell within the next 4-5 years or should I just rent it out in case I have to relocate?

Categories : Q&A

1 Comments

1
Inquisitor
July 26th, 2009 at 9:10 pm

Find out the outstanding balance of your existing loan and use the calculator at
This site will tell you which is a better deal for you and tell you how many months you have to keep the home to break even on the re-fi costs.

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