Mortgage Video & Blogging Community

As the old saying goes, everything old is new again.

The same can be said for the changes to FHA streamline refinance guidelines which went into effect November 18, 2009.  The changes really just took us back to where we were in 2003, the biggest change being to the formula to determine the loan amount:

Outstanding Principal Balance

- Upfront Mortgage Insurance Premium Refund

+New Amount of Upfront Mortgage Insurance Premium=

Total Loan Amount

In a nutshell, the new formula eliminated closing costs in the total amount which can be borrowed.

The good news is that the process is still pretty easy, at least easier than a purchase because appraisals and termite inspections are not mandatory.  Also, it is easier to qualify for an FHA streamline refinance mortgage than an FHA purchase mortgage, since the lender will not examine the borrower’s debt to income ratio.  However, the borrower does still need to verify income and employment.

If you are thinking about an FHA Streamline Refinance Mortgage then please read article entitled…

New Jersey FHA Streamline Refinancing – Changes for 2010

Please contact us at 201-943-6800 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort level for monthly payments and investments.

If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation and get you into the home of your dreams with the best terms available…regardless of your credit!

I hope you have enjoyed this blog.

Until next time,

201-943-6800

P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey (NJ) office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.

P.P.S. CLICK HERE to check out our FREE Credit Repair Program.