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what lenders will do an FHA streamline after an FHA HAMP?

by sbuckn_637_839 from Fishers, Indiana. Feb 20th 2013 Reply


Kiyoshi Inui (Kiyoshi)
#539 ranked lender in California - 111 contributions

Most lenders should be able too. Typically as long as you've had no 30day mortgage lates within the past 12 months (sometimes 1 may still be acceptable, but you most me current), mid credit score above 640 & meet FHA's net tangible benefit of 5%. Depending on your definition of HAMP would determine the benefit. Possibly yes, if you defaulted & received a loan modification, but it would also depend on where your current PMI is at. If you're referring to streamline special with loans backed by FHA prior to 5-1-09, then no, because the PMI would be double. Good night

Feb 20th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions

Virtually any FHA lender should, but the reality is most won't. FHA says that as long as you have been current for 24 payments since the modification (plus the other standard requirements), you are eligible. Because it is the lender that makes the loan, not FHA, it is up to them to determine if they are willing to allow it, and as I said, most won't. You will need to start with a local Mortgage Banker. Confirm the details with them and then let them shop for you. If the property is in CA or AZ, I can help you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 21st 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

Generally speaking, most lenders will allow you to refinance after a modification. The one who usually won't is the current lender that gave you the modification. www.FHA-Streamline-Refinance-MN.com

Feb 21st 2013
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