Tobias Team at Fairway Independent Mortgage Corporation

(480) 626-2202

team@tobiasteam.com
2325 E. Camelback Road #100
Phoenix, AZ 85016
Arizona's #1 FHA Lender (2014)
NMLS #221602 | FIMC NMLS #2289

May 07 2012

Now is the Time to FHA Streamline!!

The Federal Housing Administration (FHA) has made it more worthwhile for borrowers to streamline refinance their current FHA loans. Up until now, borrowers choosing to refinance their FHA loan fell into the new mortgage insurance rates that FHA has continually raised, making it less of a benefit to refinance your rate. Finally, a new mortgagee clause (guideline) has been rolled out to where borrowers are no longer forced to fall into the new/higher mortgage insurance rates as long as their current home loan was on the books no later than May 31, 2009. If you have a mortgage owned or backed by Fannie Mae, Freddie Mac, the Department of Veterans Affairs or private investors, you’re out.  The program will take effect  June 11th of this year.

The May 31, 2009, date is crucial. We can tell you precisely when the FHA “endorsed” your loan for insurance. This is different from the dates you applied for your loan or closed on your house. If it turns out to be any time later than May 31, 2009, you miss the cut.

You also need to have an zero 30 day lates on your mortgage for the last 12 months.

Further, your refinance must provide you a net savings of at least 5% in your monthly principal, interest and mortgage insurance payments, to be eligible.

The best parts of the “streamline” process are as follows:

•We only need employment listed on the application with a verbal verification you are working, no income documentation is required.

•a 620 Credit score is required

•NO appraisal. The program generally accepts the appraised value of your home at the time you closed on your current FHA loan as good enough — even if you’re now in negative equity territory!

Now is the time to take advantage of this program and reduce your rate, we don’t need much from you which makes it a painless and FAST process. We can even ofer NO closing cost refinances so you come out of pocket NOTHING at closing and SKIP a payment.

Contact my team for information NOW!

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