Robyn Robertson of Suburban Mortgage sent me some information on this program that I think could help a lot of people.
Suburban was offering a no cost streamline refi for FHA loans, rate 5.5%. Call Robyn and see what the rate is now.
Streamline means:
- no appraisal
- no income
- no cost
All they need is a reduction in monthly payment.
FHA Streamline Refinances
FHA streamline refinances are designed with a single purpose, to lower the monthly payment of principal and interest. There is no cash back and the borrower cannot receive more than $500 at closing.
With house prices dropping throughout the Valley, the FHA streamline can make sense because no appraisal is required.
FHA does not require a credit report although one is pulled to ensure that the mortgage has been paid on time.
FICO needs to be 620 or higher.
Second loans can be re-subordinated, regardless of the total loan to value.
Suburban Mortgage is offering a no cost refinancing option where all the title and loan costs are paid, with the home insurance and rates being rolled into the loan amount if the loan amount does not exceed the original principal balance.
Call Robyn Robertson 480-355-8106