fha streamline

Good Morning! FHA Case Numbers are not considered when they are "pulled" as many seem to think, but rather when they are endorsed by FHA. This means that the loan has been "accepted" by FHA and they are endorsing the file to provide the insurance coverage on it. Therefore, the loan should close by June 3rd to avoid certain new requirements for the annual mortgage insurance including how much it will cost and how long the mortgage insurance will remain on the loan. If I can be of help clarifying all of your options, including looking at Non FHA Products, I would be happy to do so. Thank you and have a Great Day!

Hi Upram...Yes. One thing different. Your case number can be pulled next week assuring you of the old program insurance rates BUT your credit would be immediately pulled. (It doesn't make any difference when the credit is pulled.) You would then close after the 6/30 date. Feel free to contact me 888-GREG-1ST (888-473-4178) or GregG@888GREG1ST.COM

Should have read your question a little closer, sorry about that, doh! Some lenders require the 5% reduction in payment, and when you reduce the term to 15 Yrs payment goes up so careful now with who underwrites your file. Also, any lender worth their salt should have a case # for you in a day or 2 from submission of application. Sign all of the FHA disclosures on the spot, & with no appraisal required should be a cinch to close in that time frame.

OK, you got 1 answer that missed the point and then you got an answe from GregG that is correct on the case number and getting in before the FHA MMI insurance changes to permanent. The problem is that even in the case of going from an ARM to a Fixed rate, you need to be able to show that you are saving 5% of the payment amount before we can get you an FHA streamline. 15 year fixed rates are great but the payment will be much higher than your ARM so you can't get that loan on a no qulaifying loan. You would need to go full doc and have equity for that to work.. On the bright side, you have a great rate so if you started paying it like it was a 15 year fixed, you would be in great shape and well on your way to dropping the MMI you have on the property now. I am at 415-843-0142 if you want to discuss. I am on the other side of the bay from you.

GOOD CATCH CHRIS C! The question now becomes..... is there a lender who does not require a 5% savings on an FHA streamline? The good news here is that even if you get the case number from a lender who can't ultimately close the loan, they would pass the case number to the next person and you still have the old rules. Look what great caring advice you are getting from this community.

Your FHA case # should be on the top right hand side of your HUD-1 Settlement Statement

You are required to have 5% reduction in payment for an FHA streamline, It is not a lender overlay.....it is FHA guideline. based upon the ino. you provided you will not have the 5%. Your loan officer form Nov. 30th, 2012 closing should have reviewed this with you. Your best bet would be to PRE PAY on your 2.75% rate as it is good for another 4 1/2 years.

NO can do with the 5% payment reduction FHA STREAMLINE RULE

As mentioned before -- cannot do FHA streamline without the 5% savings. My recommendation would be similar to Carlos' -- keep what you have and made additional payments to principal -- you might then be in position, when the ARM is ready to adjust, to refinance into a conventional loan and not have to pay the FHA MI fees. Granted the interest rate might be bit higher then, but if you do this, while at such low rate, you will be reducing the MI you are paying currently, as well as being able to avoid the higher MI of FHA in the future. Aim to have at least 10% equity, between your payments and appreciation and you will be in great shape.

Do you have a follow up question or did I miss it in your reply? The 5% Savings is taken from your Current P&I Payment plus your MI Payment as compared to the same items for the new payment, just so that is clear.

It used to be that changing from an ARM to permanent was considered enough to be benefit - however, there are now some criteria for those changes (as found in Mortgagee Letter 2011-11. For a "hybrid ARM" (anything other than one year ARM; which is what you have) -- going to permanent, during the fixed period of the ARM, "Reduction of at least 5 percent of P&I and MIP". When you get into the adjustable period, then the rule would be, "New interest rate no greater than 2 percentage points above the current interest rate of the Hybrid ARM". That same document says, "Reducing the term of the mortgage, in and of itself, is not a net tangible benefit."Therefore since you are in the fixed period of your ARM -- we must be able to show a 5% savings for you when comparing payment of P&I and MIP. Since there has has been a rate increase on the MIP since you closed your loan, and the interest rate would be higher today, you would not be able to qualify for a streamline at this time, unless the 15 year loan had an interest rate of less than 1.75% (based on $460,000 loan). Right now the best I can find is same rate as you have, and you would have to buy the rate down to get that on a 15 year.

Your FHA case # should be on the top right hand side of your HUD-1 Settlement Statement from your refinance in Nov of 2012. It is a legal size document that lists all of the fees, as well as the rate and terms of the transaction and is 2-3 pages long. If you have all of your docs still in the original package from the title company that closed your loan, it is usually on top and says; "HUD-1" the case #'s are long and start with 3 digits and then a dash. I do not think I could be any more specific, just kidding I could-Good Luck,Chris Couchon