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Given the need for the Federal Housing Administration (FHA) to assure solvency of their insurance fund, they continue to implement changes to protect themselves. The changes that affect borrowers most directly for 2010 are highlighted below:

1. The loan being refinanced must be in existence for at least 6 months.
2. For loans outstanding for 6-12 months, no 30-day late payments are allowed.
3. For loans outstanding 12 months or longer, a maximum of one 30-day late payment in the last 12 months is allowable.
4. The refinancing must reduce principal, interest, taxes and insurance by 5%, or the loan must change from an adjustable rate mortgage (ARM) to a fixed-rate mortgage,where the fixed rate cannot be more than 2% higher.
5. Investment properties and second homes are no longer eligible to refinance to ARMs.
6. The borrower must have certification from his/her lender that he/she is employed and has current income.
7. The payoff statement of the current mortgage cannot include delinquent interest, late charges, or escrow shortages.

For more information on FHA streamline refinance in New Jersey visit
http://www.mortgagedaily.tv/2009/10/they-took-the-streamline-out-of-the-fha-streamline-refinance-new-jersey/

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I hope you have enjoyed this blog.

Until next time,

Tony
201-943-6800

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