Friday, September 21, 2012

How low can they go?

Another week, another drop in mortgage rates. Nationwide, the 30-year fixed rate mortgage is averaging 3.49% nationwide, and the 15-year fixed rate mortgage is averaging 2.77%. Both are all-time lows.

30-Year Fixed Rate Mortgage : 3.49% Plus Points, Closing Costs

At the beginning of each week, Freddie Mac asks more than 100 banks nationwide to report back on the "going mortgage rates" available to prime borrowers, where "prime borrower" is defined as a mortgage applicant with good FICO scores, verifiable income, and at least 20 percent equity in their home.
Banks response are then compiled and published in the form of Freddie Mac's weekly Primary Mortgage Market Survey -- a listing of average mortgage rates available nationwide, and by region.
This week, Freddie Mac reports the average 30-year fixed rate mortgage rate down 6 basis points to 3.49%, marking the second time that the average 30-year fixed rate mortgage rate fell to 3.49% nationwide.
However, as compared to last 3.49% reading (which was 9 weeks ago), this week's reading is more favorable.
In late-July, banks had required borrowers to pay an average of 0.7 discount points to get access to the published 3.49% mortgage rate. Today, that average bank charge is down to just 0.6 discount points, or $100 in closing costs per $100,000 borrowed.
At larger loan sizes, the difference in magnified. Homeowners borrowing at the local conforming loan limit of $625,500 in Loudoun County, Virginia; or, New York City, New York; or, San Diego, California, for example, save $625.50 on discount points as compared to 9 weeks ago.
Today marks the best conforming mortgage rate market in the history of mortgage lending.

15-Year Fixed Rate Mortgage : 2.77% Plus Points, Closing Costs

The 15-year fixed rate mortgage rate moved to new, all-time lows this week, too, falling 8 basis points to 2.77%, on average, marking the largest one-week drop in 15-year fixed rate mortgage rates in 24 weeks.
For homeowners using 15-year mortgages, it's been a great run. As compared to 4 years ago, mortgage rates have -- literally -- halved.
  • September 2008 : 5.64% for the 15-year fixed rate mortgage rate
  • September 2012 : 2.77% for the 15-year fixed rate mortgage rate
Setting these numbers to a real-life example, a homeowner whose 15-year fixed rate $300,000 mortgage started four years could refinance the remaining balance into today's 15-year mortgage rates and realize savings of 33 percent per month -- an astounding figure considering the huge number of U.S. homeowners who have yet to refinance from their respective high-interest rate mortgage rates.
Slowly, though, they are.
Underwater homeowners are refinancing via Harp 2.0 and awareness of low mortgage rates has grown. Homeowners nationwide are joining this 2-year Refinance Boom and saving money monthly -- a positive for U.S. economic growth.

Mortgage Rates : See Today's Mortgage Rates

Mortgage rates are at an all-time low. They may fall further, or this may be it. We can never know for sure. Therefore, if today's mortgage rates fit your budget and your needs, consider locking something in.
Mortgage rates have more room to rise than to fall. Talk to your loan officer, or just get started with a rate quote. 

Wednesday, September 19, 2012

Homes Rising?

Another month, another new high-water mark for the Housing Market Index (HMI). The HMI is a measure of homebuilder confidence nationwide and its rapidly rising readings suggests that competition for newly-built homes will be tight into 2013, leading new home prices higher nationwide.
If you're planning to buy new construction, your best "deals" may be the ones you find between today and the New Year.

Builder Optimism Rises To 6-Year High 

Each month, the National Association of Homebuilders publishes its Housing Market Index, a composite metric meant to gauge how homebuilders feel for the single-family new construction housing market. The NAHB survey is basic -- just 3 questions -- and requires simple, one-word answers.
The survey asks the nation's builders to rate the following on a scale of  "Good", "Fair" or "Poor"; or, "High", "Average", "Low" :
  • How are market conditions for the sale of newly-built homes today
  • How are market conditions for the sale of newly-built homes six months from today
  • How is your prospective new home buyer foot traffic
The NAHB collects its surveys, weights its answers, then publishes a "confidence figure" on a scale of 1-100. Readings over 50 are meant to suggest favorable market conditions for builders overall; readings under 50 suggest unfavorable conditions overall.
For September 2012, the Housing Market Index reads 40, it's highest reading since June 2006.

More Buyers, More Competition For Newly-Built Homes

This month's HMI showed an increase across all three categories as compared to August, with builders specifically noting that buyer foot traffic rating moved to its highest point in more than 6 years.
This is noteworthy because as the number of potential new home buyers grows, so does the competition for new homes for sale. This is basic economics and holds as true in urban centers such as Charlotte, North Carolina where new construction is booming as for smaller housing markets including Roseville, California.
Low mortgage rates have been a driver of new home sales nationwide. As mortgage rates fall, the Rent vs Buy mathematics have changed. The relative cost of homeownership has dropped such that owning a home can be cheaper than renting -- even after accounting for real estate tax and property maintenance.
The availability of low- and no-downpayment mortgages have helped, too.
The FHA's 3.5% downpayment program continues to be a popular choice among today's home buyers, as do the 100% financing programs from the VA and from the USDA, respectively.
Even Fannie Mae and Freddie Mac boast a modest 5% downpayment program.

Get Mortgage Rates For New Construction

There are currently 142,000 new homes for sale nationwide -- less than 3,000 per state. No wonder builder confidence is soaring. The relative scarcity of new homes for sales has fueled competition and bidding wars, causing new home prices to rise to multi-year highs.
If you're looking at newly-built homes, therefore, and think you'll buy in mid- to late-2013, consider moving up your time frame. Not only will home prices likely be higher in a year's time, but mortgage rates are expected to be higher, too.

Monday, September 17, 2012

Harp expanding once again?

In an effort to help HARP 2.0 reach more U.S. homeowners, Fannie Mae and Freddie Mac are changing their respective HARP mortgage guidelines.
Effective September 14, 2012, qualifying for HARP become a whole lot simpler.

Explaining The HARP Program

HARP is an acronym which stands for Home Affordable Refinance Program. It was first launched in 2009 as part of the Federal Home Finance Agency's plan to help underwater homeowners.
Via HARP, homeowners whose homes have lost value can refinance -- regardless of their respective loan-to-values. No matter how much equity your home has lost, so long as you meet HARP's basic underwriting requirements, you remain eligible to refinance to today's low rates.
HARP's underwriting hurdles are low, too :
  1. Your current loan must be backed by Fannie Mae or Freddie Mac, and;
  2. Your current loan must have been securitized on or before May 31, 2009, and;
  3. Your current loan must not have been on the HARP program
If you can meet the above criteria and have paid your mortgage on-time for the last 6 months, and for 11 of the last 12 months, you're in and underwriting can begin.
Furthermore, because HARP allows for unlimited loan-to-value and very few verifications, closings can come quickly. There are no home appraisals and paperwork is kept to a minimum. Even loans with existing private mortgage insurance (PMI) find HARP approvals streamlined -- HARP loans routinely close within 30 days.
For all of its ease, however, to-date, HARP's official rulebook had excluded a large group of homeowners whom the FHFA believed should otherwise be eligible.
Starting today, homeowners whose debt-to-income (DTI) fail to meet HARP standards can qualify with "money in the bank" instead.

HARP : Forget DTI -- Qualify On "Money In The Bank"

Fannie Mae and Freddie Mac are changing the way a HARP mortgage applicant's income is evaluated.
Previously, lenders underwriting a HARP mortgage were required to show that at least one borrower had a verifiable source of income either via a verification of employment (VOE), self-employment, or a verification of source of non-employment income.
In plain terms, these guidelines meant that a HARP applicant was required to show that some income exists to offset monthly debts -- not necessarily that enough income exists to offset monthly debts. It's a "waiver of DTI", really. The government doesn't care what your income looks like. If you've been paying your mortgage as agreed for the past 6 months and for eleven of the last 12, it's clear that you're a "good risk".
Lenders disagreed, however, and many added investor overlays to the HARP guidelines so that applicants would need a 45% DTI or something similar to gain approval. As a result, many HARP loans were turned down for "high DTI".
Going forward, that's won't happen. HARP now permits alternative sources of income.
Effective immediately, Fannie Mae and Freddie Mac no longer require verification of income from at least one HARP borrower. In lieu of such verification, HARP applicants can provide proof that at least 12 months of mortgage payments exist in reserves for the subject property, where "mortgage payments" is a sum that includes principal + interest payment; monthly real estate tax payment; monthly homeowner insurances payment; and, any requisite association or community dues.
Borrowers can document 12 months of PITI using any of the following asset statements :
  • Checking and savings account, or money market mutual funds
  • Liquid investments in bonds, stocks and/or mutual funds
  • Vested monies in a retirement account
Furthermore, these conditions are for the subject property only. Borrowers are not required to show that reserves exist for non-subject properties.

Fewer HARP Documentation Requirements

In addition to allowing for alternative income verification, HARP mortgage guidelines have been updated to require less paperwork from the borrower, and less scrutiny by the lender.
Many standard procedures of underwriting still apply, including specifying the maximum allowable age for an income or asset document, and requiring that borrowers provide standard documentation types. Some, however, have been changed.
For example, HARP lenders are no longer required to verify large deposits that appear on an applicant's bank or other asset statement; nor are they required to verify the liquidation of an asset if that asset is required to pay for closing costs.
Even more reaching is that HARP guidelines no longer require to assess a borrower's receipt of income nor the likelihood that the income will continue for at least 3 years. This means that a homeowner who has received child support or alimony in uneven, or even undocumented, amounts can still qualify to refinance an underwater mortgage via HARP.
Previously, income of this type was disallowed.

HARP : Expanding To Reach More Households

The HARP mortgage program has helped more than 1 million U.S. households and, as mortgage guidelines loosed, it's expected to help several million more.
If you've been turned down for HARP in the past, apply for HARP again. The guidelines are newer, simpler, and designed to approve more loans. Plus, mortgage rates are great. See what HARP can do for you.

Thursday, September 6, 2012

Headed Up?

Beginning as soon as next week, conforming mortgage applicants will be subject to higher mortgage rates. It's part of the Federal Housing Finance Agency's plan to render Fannie Mae and Freddie Mac less competitive in the marketplace.
Thinking about doing a refinance? Save money by acting now.

"G-Fees" : Insurance For Fannie Mae And Freddie Mac

When you're shopping for a mortgage, how your loan is structured affects your final mortgage rate. Do you want a 30-year fixed rate mortgage or a 15-year fixed rate one? Do you need a 30-day rate lock or a 45-day rate lock? Is your credit score 740 or is your credit score below 640?
Each of these options helps to set your final mortgage rate and fees.
However, there are other factors in your mortgage rate, too; "behind-the-scenes" costs about which you'd probably never know if it wasn't for some detective work.
One such cost is something called a guarantee fee.
A guarantee fee is a fee charged by Fannie Mae, Freddie Mac and other securitizers of mortgage-backed bonds. Sometimes referred to as "g-fees", guarantee fees help to pay for such mortgage-backed security-related services as the pooling, servicing, and selling of MBS. They're also used in an insurance-like capacity, protecting a mortgage securitizer against credit-related losses in a portfolio.
In general, for each 10 basis points change to g-fees, mortgage rates change 0.125%.

Bigger G-Fees Means Bigger Mortgage Rates

The FHFA reports that, in 2010, the average g-fee was 26 basis points per loan. By 2011, however, that average had climbed to 28 basis points. This means that, last year, on a 3.50 percent mortgage, 0.28% was paid to the mortgage-backer annually, whether it be Fannie Mae or Freddie Mac.
G-fees have been higher in 2012, too -- mostly because of the 2011 U.S. Payroll Tax Extension.
Late last year, Congress extended FICA tax breaks through February 29, 2012 at a cost of $33 billion. To recoup that cost, the nation's lawmakers instructed the FHFA to increase its guarantee fees by 10 basis points for all new mortgages.
Several weeks later, mortgage rates crossed into the 4s. Then, in May, the FHFA made an announcement in which it said that it reserves the right to change its g-fees without notice.
4 months later, it's acting on that right.
Effective for all loans delivered starting November 1, 2012, Fannie Mae- and Freddie Mac-backed mortgages will be subject to an additional 10-basis-point g-fee increase, on average. The FHFA says the move is meant to make government-backed loans less attractive as compared to portfolio loans, and to other private mortgage money.
Another beneficiary will be the FHA. Because the FHA is not raising its g-fees in-kind, FHA mortgage rates will continue to improve as compared to conventional ones. The FHA's share of the purchase money market should improve later this year and into 2013.

September 9 : Mortgage Rates Expected To Rise 0.25%

The g-fee increase is effective November 1, 2012, but mortgage lenders are already making rate sheet changes. This is because the Fannie Mae and Freddie Mac deadline isn't based on a loan's closing date -- it's based on a loan's delivery date (i.e. the date the loan is purchased by the FHFA).
Working backwards from November 1, therefore : Assuming 45 days to close on a mortgage, and assuming 7 days to prepare a loan for sale to Fannie Mae or Freddie Mac, loans locked after Sunday, September 9, 2012 have little chance of avoiding the new g-fee at the time of delivery.
Starting as soon as next week, mortgage rates will be higher by 0.250%.

Beat The Increase : Start Your Application Now

Once the government's new guarantee fees go into effect, they will be required for all Fannie Mae and Freddie Mac mortgage without exception. Loans locked after the new g-fee rollout must pay the new g-fee. Loans locked prior to rollout will be exempt.
Mortgage rates may fall next week, but rising costs may foil you. If you've been floating a rate, it's time to get locked.

Wednesday, September 5, 2012

QE 3 Are you ready?


QE3 Coming Next Week?

Mortgage pricing worsened Tuesday as investors prepped for this week's European Central Bank meeting. The ECB meets Thursday, adjourning at 7:00 AM ET. In other words, by the time the U.S. mortgage market opens tomorrow morning, rates will already be changed.
Wall Street is also jockeying ahead of the Federal Open Market Committee's 2-day meeting scheduled for September 12-13, 2012. There are growing expectations for the Federal Reserve to introduce a new round of monetary stimulus, likely in the form of quantitative easing. This would be the Fed's third round of quantitative easing since November 2008, which is why the not-yet-launched program is dubbed QE3.
QE3, if launched, is expected lower mortgage rates in the near-term.

Home Prices Rise 3.8%; Construction Spending Falls

Other news affecting mortgage rates Tuesday included a weak ISM report and a drop in construction spending.
The Institute for Supply Management indicated that its manufacturing index dropped to 49.6. Readings under 50 indicate that more firms are contracting than growing, a sign of economic slowdown. Construction spending fell 0.9 percent, in part, because of a pick-up in home sales nationwide. Homeowners do less building when they're buying.
As a testament to the housing market's strength, CoreLogic reported home prices up 3.8% in the 12-month period ending in July.
On a month-to-month basis, home prices rose 1.3 percent and August is forecasted to show a further increase of six-tenths of one percent. This would push the annual home price increase to 4.6 percent -- a steady, consistent figure.

Mortgage Rates Ready To Move

Wednesday, with little new data set for release, mortgage rates will move with momentum. Rhetoric from the ECB ahead of Thursday meeting will influence whether mortgage rates rise or fall, but trading should be relatively calm. Markets are also bracing for Friday's U.S. jobs report. That, too, could swing mortgage rates today.

Tuesday, September 4, 2012

Can a FHA Streamline help you?

What Is An FHA Streamline Refinance?

The FHA Streamline Refinance is a special mortgage product, reserved for homeowners with existing FHA mortgages. Homeowners with conventional mortgages via Fannie Mae or Freddie can't use it. FHA Streamline Refinances are the fastest, simplest way for FHA-insured homeowners to refinance their respective mortgages.
The FHA Streamline Refinance program's defining characteristic is that it does not require a home appraisal. Instead, the FHA will allow you to use your original purchase price as your home's current value, regardless of what your home is actually worth today.
In this way, with its FHA Streamline Refinance program, the FHA does not care if you are underwater on your mortgage. In fact, the program encourages underwater mortgages. Even if you owe twice what your home is now worth, the FHA will refinance your home without added cost or penalty.
The FHA allows for unlimited loan-to-value with its Streamline Refi program -- a huge help to FHA homeowners in places like Florida, California, Arizona and Georgia.
Except for this "no appraisal" benefit, the FHA Streamline Refinance is very much like other loan products. It's available as a fixed rate or adjustable mortgage; it comes with 15- or 30-year terms; and there's no prepayment penalty to worry about.
Another big plus is that FHA mortgage rates are as low with the Streamline Refinance program as with "regular" FHA loans.

FHA Streamline : No Verification Of Job, Income, Credit

Another big plus is that the FHA Streamline Refinance is fairly easy for which to qualify.
In a sweeping guideline update, in April 2011, the FHA abolished verification for practically everything on an FHA Streamline Refinance mortgage application. Now, as written in the FHA's official mortgage guidelines, the mortgage approval process for an FHA Streamline Refinance says :
  1. Employment verification is not required with an FHA Streamline Refinance
  2. Income verification is not required with an FHA Streamline Refinance
  3. Credit score verification is not required with an FHA Streamline Refinance
And, as mentioned earlier, there's no need for a home appraisal, either.
Put it all together and it means that you can be (1) out-of-work, (2) without income, (3) carry a terrible credit rating and (4) have no home equity -- and yet, you will still be approved for the FHA Streamline Refinance program.
That's not as crazy as it sounds, by the way.
To understand why the FHA Streamline Refinance is a smart program for the FHA, we have to remember that the FHA's chief role is to insure mortgages -- not "make" them.
Therefore, it's in the FHA's best interest to help as many people as possible qualify for today's low mortgage rates. Lower mortgage rates means lower monthly payments which, in theory, leads to fewer loan defaults.
This is good for homeowners that want lower mortgage rates, and for the FHA, but mostly for the FHA.

Are You FHA Streamline Refinance Eligible?

Although the FHA Streamline Refinance eschews the "traditional" mortgage verifications of income and credit score, as examples, the program does enforce minimum standards for applicants. The official FHA Streamline Refinance guidelines are below.

Perfect, 12-Month Payment History Is Required

The FHA's main goal is to reduce its overall loan pool risk. Therefore, it's number one qualification standard is that homeowners using the Streamline Refinance program must have a perfect payment history stretching back 12 months. 30-day, 60-day, and 90-day lates are not allowed. Furthermore, loans must be current at the time of closing.

210-Day "Waiting Period" Between Refinances

The FHA requires that borrowers make 6 mortgage payments on their current FHA-insured loan, and that 210 days pass from the most recent closing date, in order to be eligible for a Streamline Refinance.

Employment And Income Are Not Verified

The FHA does not require verification of a borrower's employment or annual income as part of the FHA Streamline process. There is no Verification of Employment, nor are there paystubs, W-2s or tax returns required for approval. You can be unemployed and get approved for a FHA Streamline Refinance so long as you still meet the other program requirements.

Credit Scores Are Not Verified

The FHA does not verify credit scores as part of the FHA Streamline Refinance program. Instead, it uses payment history as a gauge for future loan performance. This means that FICOs under 640, under 620, under 580, and under 500 are eligible for Streamline Refis.

The Refinance Must Have "Purpose"

Streamline Refinance applicants must demonstrate that there's a Net Tangible Benefit in the refinance; a legitimate reason for refinancing. Loosely, Net Tangible Benefit is defined as reducing the (principal + interest + mortgage insurance) component of the mortgage payment by 5 percent or more. Another allowable Net Tangible Benefit is to refinance from an adjusting ARM into a fixed rate loan. Taking "cash out" to pay bills is not an allowable Net Tangible Benefit.

Loan Balances May Not Increase To Cover Loan Costs

The FHA prohibits increasing a Streamline Refinance's loan balance to cover associated loan charges. The new loan balance is limited by the math formula of (Current Principal Balance + Upfront Mortgage Insurance Premium). All other costs -- origination charges, title charges, escrow population -- must be either (1) Paid by the borrower as cash at closing, or (2) Credited by the loan officer in full. The latter is called a "zero-cost FHA Streamline".

Appraisals Not Required

The FHA isn't concerned about home value -- it's insuring your loan regardless. Therefore, the FHA does not require appraisals for its Streamline Refinance program. Instead, it uses the original purchase price of your home, or the most recent appraised value, as its valuation point. Homes that are underwater are still FHA Streamline-eligible.

FHA Streamline Refinance Mortgage Insurance Requirements

The FHA Streamline Refinance is an FHA-insured mortgage, and FHA borrowers are required to make two types of mortgage insurance payments -- an upfront mortgage insurance payment paid at closing, plus an annual one split into 12 installments, paid with your mortgage payment each month.
With respect to mortgage insurance premiums, as of June 11, 2012, homeowners using the FHA Streamline Refinance program are split into two classes :
  1. Homeowners whose new loan replaces an FHA-backed mortgage endorsed before June 1, 2009
  2. Homeowners whose new loan replaces an FHA-backed mortgage endorsed on/after June 1, 2009.
Beginning June 11, 2012, homeowners in the first class -- those with"old" FHA mortgages to refinance -- will pay markedly lower mortgage insurance than homeowners in the second class of borrowers.

FHA Streamline Refinance MIP Rates (For Loans Endorsed Before June 1, 2009)

If your existing FHA mortgage was endorsed prior to June 1, 2009, your mortgage insurance premiums have been "grandfathered". You can refinance to the FHA Streamline Refinance program and pay reduced rates for both for upfront MIP and annual mortgage insurance premiums.

Upfront MIP

For an FHA Streamline Refinance that replaces a loan endorsed prior to June 1, 2009, the new FHA mortgage's upfront mortgage insurance is equal to 0.01 percent of the loan size, or 1 basis point.
For example, if your new FHA Streamline Refinance is for $100,000 mortgage, the FHA will assess a $10 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically adds the $10 payment to your new loan balance.

Annual MIP

Annual MIP is similarly cheap. For an FHA Streamline Refinance that replaces a FHA loan endorsed prior to June 1, 2009, the annual MIP is 0.55% annually, or 55 basis points.
The complete annual MIP schedule is as follows :
  • 15-year loan terms with loan-to-value over 90% : 0.55 percent annual MIP
  • 15-year loan terms with loan-t0-value under 90% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value over 95% : 0.55 percent annual MIP
  • 30-year loan terms with loan-to-value under 95% : 0.55 percent annual MIP
15-year fixed rate mortgages with LTVs of 78% or less pay no annual MIP.
For an FHA Streamline Refinance that replaces a FHA loan endorsed prior to June 1, 2009 and for which the mortgage is a jumbo FHA mortgage in excess of $625,500, there is no additional mortgage insurance premium.

FHA Streamline MIP For Loans Endorsed On/After June 1, 2009

If your existing FHA mortgage was endorsed on, or after, June 1, 2009, your new FHA mortgage insurance premiums are the same as for all other FHA mortgage applicants.

Upfront MIP

For an FHA Streamline Refinance that replaces a loan endorsed on, or after, June 1, 2009, the new FHA mortgage's upfront mortgage insurance is equal to 1.75 percent of the loan size, or 175 basis points.
For example, if your new FHA Streamline Refinance is for $100,000 mortgage, the FHA will assess a $1,750 upfront mortgage insurance premium (MIP) to be paid by you at closing. The FHA automatically rolls the $1,750 payment into your new loan balance.
Not all FHA homeowners will pay this full amount, however.
One great thing about the FHA Streamline Refinance program is that the FHA offers refund on previously-paid upfront MIP so long as you're still within the first 3 years of your mortgage.
As an example, refinancing after 11 months grants a 60% refund, but waiting just one more month lowers that refund down to 58%. This is why is rarely a good idea to "wait to refinance" with the FHA. With the FHA Streamline Refinance, the sooner you refinance, the bigger your MIP refund, and the lower your final loan size. This preserves home equity.
You can review your own FHA mortgage insurance refund chart at top.

Annual MIP

For an FHA Streamline Refinance that replaces a FHA loan endorsed on, or after, June 1, 2009, the annual MIP varies based on loan type and loan-to-value.
The annual MIP schedule, for loans with case numbers assigned on, of after, June 1, 2009 :
  • 15-year loan terms with loan-to-value over 90% : 0.60 percent annual MIP
  • 15-year loan terms with loan-t0-value under 90% : 0.35 percent annual MIP
  • 30-year loan terms with loan-to-value over 95% : 1.25 percent annual MIP
  • 30-year loan terms with loan-to-value under 95% : 1.20 percent annual MIP
15-year fixed rate mortgages with LTVs of 78% or less pay no annual MIP. Mortgages made for $625,500 or more are subject to an additional 0.25 percent annual mortgage insurance fee.
A Los Angeles, California homeowner, therefore, using the FHA's full $729,750 local loan limit for a low-downpayment, 30-year fixed rate mortgage will pay annual mortgage insurance premium of 1.50% to the FHA, or $912 per month.
Note that mortgage insurance payments are included in the FHA's Net Tangible Benefit requirement. You must lower your monthly payment by at 5 percent to qualify for the FHA Streamline Refinance.

Apply For Your FHA Streamline Refinance Here

The FHA Streamline Refinance is among the easiest and best-valued mortgage products available.
If you have an existing FHA mortgage, get yourself a FHA Streamline Refinance rate quote. FHA mortgage rates are low and my office underwrites and funds FHA loan in-house. This means we can close your mortgage faster, entitling you to a bigger FHA refund check on your Streamline Refinance.