I own a townhome in Yorkville, IL with a 30 year fixed FHA loan at a 7% interest rate. I am looking for quotes on a 30 year fixed FHA Streamline refinance with no appraisal. So far I haven't had any luck. Can anyone point me in the right direction? by jasontrue from , . Jul 21st 2011
I'm not sure why you haven't had any luck. Who are you calling. I am not licensed in IL but I do FHA streamlines all day long without appraisals. Who are you contacting?
Yes you can do a streamline without an appraisal. But you must pay for costs outside the new loan or get a lender credit for them. What is your credit score that is a big factor?
hi there: I am a Loan Originator working for a federally Chartered bank NMLS #754875. Be glad to further assist. We can try to cover all closing costs for your streamline FHA including appraisal. Sometimes conventional might be more beneficial. We can compare both scenarios. Mike (703 505 5300)
Hi Jason. Although the FHA guidelines outline the ability to refinance a previous FHA loan to a new FHA loan without an appraisal, many lenders want to know their risk for future servicing based on today's market value. If you're still having difficulty connecting with a HUD approved lender to assist you, give us a call as service the entire Chicago Metro area. 219-662-0166 x21.
Ask our community a question.