Orange County, CA FHA Streamline Program is Really Heating Up!

The FHA Streamline Refinance program has been around for many years, but has been under utilized in Orange County, CA for several years. The primary reason being that FHA had not been the loan of choice for home buyers for several years. But in 2008 things changed. Anyone looking to buy a home with less than a 10% down payment had very limited choices. FHA temporarily increased the limits in Orange County from $362,790 all the way up to $729,750. (The new limit for 2009 will be $625,500, still a very nice increase over the old FHA limit.)

Orange County, Ca FHA Mortgage Rates Have Dropped

Through much of 2008 interest rates were in the 6.5% to 7% range. Now interest rates have dropped, and for the first time in several years, this has brought a great opportunity for homeowners with an FHA loan. In cities such as Irvine, Tustin, Orange, or Mission Viejo, where the typical FHA mortgage ranges between $350,000 and $450,000, the monthly savings can be huge. For example, on a loan amount of $400,000, even just a .5% drop in interest rate will save approximately $130 per month. That amounts to nearly $1,600 a year, which can help any budget.

FHA Streamline Refinances are Easy!

An FHA Streamline Refinance is the easiest loan you will ever do. As opposed to a “purchase loan”, there is no qualifying on a Streamline. The underwriter needs to see some benefit to the borrower, and the most recent 12 month mortgage history needs to been clean. But there is no income or asset verification required. The more popular “$0 cost FHA Streamline” does not even require an appraisal report.

It makes sense right now for anyone who has an FHA loan to find out how much they can save on their mortgage payment by taking advantage of the FHA Streamline Refinance program.

Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Trust One Mortgage for more information about an Orange County, CA home loan. 877-786-4243 x 7.

www.OCFHALoans.com