Your Boise mortgage resource for first time home buyers.
As of November 17, 2009, the FHA streamline refinance, as we know it today, will be gone, probably for many years. The FHA streamline is the last of the Mohicans (love the movie). The last truly, no income qualification refinance loans that is left.
Over the past 18 months, all loan programs that allowed borrowers to qualify with no-income documentation have been discontinued, except for the FHA streamline refinance.
The current FHA program doesn’t require borrowers to provide any personal documentation except for a copy of their existing “promissory note.” The guidelines do not ask for any paystubs, w-2′s or bank statements; however, the best part is not having to deal with an appraisal.
After November 17th, all of that changes. If there are homeowners who have a current FHA loan, they had better get off the fence and take advantage of this rate reduction opportunity. Who knows when FHA may relax their guidelines again–possibly never.
I am actually surprised that the FHA streamline has hung on as long as it has.
If a home owners has a rate of 6% or more, they should definitely contact their local FHA expert and ask for a GFE (good faith estimate). There is nothing to lose and at least they will know where they stand.
Guild Mortgage – Home loans Boise – Craig Ballhagen 208-713-3309
Idaho First Time Home Buyer Instant Gratification
Request for No Obligation Boise Home loan Analysis
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