Once again there are CHANGES TO FHA STREAMLINE REFINANCING beginning June 11, 2012, that could benefit YOU..
Dates are important. In order to REFINANCE two stipulations are that your mortgage must have been endorsed on or before May 31, 2009 and you must be current on your payments.
FHA will lower its Upfront Mortgage Insurance and reduce its annual premium for certain borrowers who qualify. This could make a difference to you and enable you to take advantage of the low interest rates. Although some restrictions appeared to be eased in the Streamline process this does not appear to be for the Homeowner who is upside down.
Go to the FHA website for more information on CHANGES TO FHA STREAMLINE REFINANCING and to determine what is available to YOU if you are underwater.
Homeowners who are upside down need to determine who is their Servicer to see which REFINANCE programs are available to them. The HARP or revised HARP programs may work for you if you have a Fannie Mae or Freddie Mac backed loan.
Since these changes are not in place yet your Lender's representative may not be familiar with them. Review the websites and dates of implementation and ask to speak to someone who does have the information you need.
This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.
Sharing information in St Mary's County MD Margaret C. Taylor Century 21 New Millennium REALTOR®.
I am certified with the SFR, Short Sale and Foreclosure Resource Certification, from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue.
If you need real estate help I am qualified to help you buy or sell your home.
CALL or TEXT 301 481 8407 for a FREE Consultation.
ASK A QUESTION HERE RealEstate@MargaretC.com