Archive for Renting & Real Estate
Aug
03
Need to know about streamline a FHA?
Posted by: | Comments
Need to know if a FHA streamline loan without credit check can it hurt or help your credit score.
I know they do not check credit, I need to know if my score will go up or down when it is sent to the credit bureau.
That one is paid and then I will have another balance
May
27
Home Loan in Arizona? Non Recourse or Refi?
Posted by: | Comments
I have an existing GMAC home loan in Tucson. The current amt due is about $196.400 30 yr fixed at 6.5%.
My real estate man wants to refi me with an FHA streamline loan at 5.5% an most fee’s paid, so it’s essentially a no-cost refi with no cash out. I estimate the home is actually worth about $183,000 now. I have 28 yrs left on the orig loan.
1)If I were to loose my job, is the original loan non recourse, so I wouldn’t be liable for the short sale value vs what’s left?
2) If it’s better to refi, would the new FHA streamline be non-recourse, or would I be liable it I defaulted (due to job loss) for the short sale vs loan value?
What I see is the monthly pymts would be less which is attractive, but if I would switch from being on a non-recourse to a loan where I would be stuck with the deficit.
Any help would be extremely beneficial–Thanks