6 months FHA refinancing a mortgage?

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I bought a house six months ago and got an interest rate of 6% 30 year FHA. Looking at the rates go makes me wonder if I can refinance. Since the FHA is a mortgage backed by the government, I was wondering what are the options. I read something on a FHA streamline refinance, but do not really understand if that’s what I could do. What is the fees? My lender is U. S. Bank because of
My arm loan matures in 2010. I have 315K. 25% of new homes in my community denies. Manufacturers continue to build bigger houses and better in my community and now sell for less than 110k, ouch !!!!!!! As the market does not seem fair, I tried to simplify the bank to refinance my mortgage twice earlier this year when my home, and still others similis 360-375. My bank told me first mortgage to keep away, then they told me the second time, almost all of the loans they could not at that time, as they observed the market. Now, my third attempt, to my mortgage bank says I can not because my house does not value what I v├Álgu.Kas I’m done? What would you do? My mortgage is now 2k. If this ends my loan up to 3.2K. I know, my house wont sell or refinance. Do you have a better year next year?

  1. Reply
    Beverly S
    January 30, 2011 at 12:39 am

    An FHA streamline refinance is an excellent program. Since you are already on an FHA loan – FHA allows you to do a streamline refi which basically reduces your rate- Fees are minimal and can be included in the loan- there is no appraisal needed, no income docs needed and no credit check. The only requirement is that you have paid your mortgage/or rent (in your case 6 payment on mtg. & 6 months rent or mortgage where you lived before) on time with no 30 day lates.

  2. Reply
    January 30, 2011 at 1:26 am

    hey … I’m in the same situation i’m at 5.875% and going down to 5% … in the process now …. o yea i’m the mortgage guy who can help you … want my help? brijmcn@yahoo.com

    doing mine right now and about 10 others and have closed at least 30 in the past few months

  3. Reply
    January 30, 2011 at 2:11 am

    It sounds like you have a 5 year ARM and you bought at the peak in 2005. In housing the common rule is to stay in your place for 5 years in order to build equity, but it may be 5 years from now b-4 you start building positive equity–based on the slump.

    If you can’t get refinanced, you may want to get roomates, or possibly a second job. There maybe help for you–see link.

    Of course, one alternative is to walk away and let the bank have it. This can make financial sense and is the reason many others are doing so.

    Good luck

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