Archive for Q&A
Currently in an arm wanted to do a streamlined refi but how much shld it cost to refi to fixed rate. Still have another year in the loan im in. I dont want to pay too much to refi the loan.
I have an FHA loan at 6.5%
I obtained down payment assistance from Cal HFA for $8200 which doesn’t need to be paid back until I sell or refinance the house.
Looking to do an FHA streamline refinance but don’t think my down payment assistance of $8200 can be subordinated onto new loan.
Question on Refinancing a home?
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We bought a house, we have only been in it for about 9 months, we want to refinance, I told my wife we need to do a streamline refinance through our current mortgage company because we don’t have equity in the house that we won’t be able to refinance from a different company, she keeps insisting that we can and should… I was under the impression that a different company will NOT refinance you if you owe more than 90% of the value of the home, is this correct or???
Streamlined refinance?
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Is there anything in it for a loan officer in a streamlined refinance? I bought a house last year and my mortgage officer contacted me recently and said he could get me in a streamlined refinance for 1 percentage point less. Is he just being nice or is there something in it for him as well?
is streamline refinance a good choice?
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HELLO TO EVERYONE OUTHERE I HAVE A QUESTION ABOUT A STREAMLINE REFINANCE, I OWED 268,000 ON MY CURRENT MORTGAGE I BEEN PAYING IT SINCE AUGUST 2008 NOW I LOST MY JOB AND MY INCOME IS LESS THAN WHAT I HAD IN AUGUST 2008 AND I WANT TO DO A STREAMLINE REFINANCE AND THE LOAN OFFICER TOLD ME IS THAT ALL THE MONEY I NEED IS MY MORTGAGE MONTHLY PAYMENT TO DO MY REFINANCE WITH NO CREDIT CHECK, NO APPRAISAL,NO INCOME CHECK AND MY QUESTION IS, IT’S THIS A GOOD CHOICE, IF I DON’T PUT ANY MONEY FOR CLOSING COST HOW ARE THEY ABLE TO PAY THE ATTORNEY, AND THE PLACE WHERE THE CLOSING TAKES PLACE? WHERE DOES ALL THAT MONEY COMES FROM? DOES THIS WORK? IS THERE A CATH TO IT? WELL I HOPE I CAN GET SOME ANSWERS FROM THE GOOD PEOPLE AT YAHOO ANSWERS THANK YOU AND HAVE A GREAT DAY.
Refinance: I want to refinance my home, I have a VA loan and can do a VA Streamline?
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The bank I talked to says it will cost me $2,000 in closing costs. I have no loan origination fee because I get VA Disability. Are those closing costs standard or should I shop around?
Need help with making an offer on an REO?
Posted by: | CommentsWe have been pre-approved for a traditional FHA loan, but we are having trouble finding a lender to approve us for an FHA Streamlined 203k. The property we want to purchase needs about 25,000 in cosmetic repairs (ie new bathroom fixtures, new kitchen cabinets & countertops, and appliances, all light fixtures, all flooring, new windows, and patio door). In the past, I’ve seen listings for houses that say things like, “$2000 carpet allowance”, or “$5000 in upgrade allowance”. We have already placed an offer on this house, and the bank has countered (our mortgage broker gave us the preapproval letter, but forgot to mention that it was only for a traditional FHA loan even though she had reassured us we could put an offer on this property) So, my question is, is it legal to add $25,000 to our counter offer to the bank, and ask for that $25,000 back in repairs, etc.? In other words, the bank’s counter offer was $97,000 and if we countered with $122,000 with a $25,000 repair allowance, is that legal, or even common?
Sorry, I should’ve clarified. When I refer to the bank counteroffers, I mean the bank who owns the property, not the bank who will lend us the mortgage. The house is appraised at 160K after repairs, and the seller (bank) is aware of the condition of the home and the cosmetic needs.
rating.. The person is looking to do a FHA streamline thank you
Shall I buy a home with a FHA 203k streamline loan?
Posted by: | Commentsit needs plumbing, roof work I have a list of stuff that HUD wants me to fix and I am thinking I only have 30 days is that right??
No.# of days for repairs after closeing?
3.9%. I told him that I was concerned because I would be paying on my cars for much longer then I had to. The lender told me we could do what is called a streamline mortgage. What is streamline mortgage and how would it work in our situation?