They took the Streamline out of the FHA Streamline Refinance – New Jersey
The FHA is changing its FHA Streamline Refinance rules! Streamline, not so much!!
Effective January 1, 2010, getting approved for the popular FHA-to-FHA refinance program will be much more difficult. Attached is a copy of the FHA Mortgagee Letter dated September 18, 2009. “Revised Streamline Refinance Transactions“.
Here are the 3 main areas where the FHA is toughening up!
1. FHA homeowners must now be employed at the time of application
2. FHA homeowners must now verify cash needed at closing
3. FHA homeowners must now commission a full appraisal in order to add “roll in” closing costs to the refinance
This is a huge change compared to the current FHA Streamline Refinance guidelines. Starting next year, the FHA will start to deny streamline refinance requests on the basis of income, employment, assets, and appraised value.
What Does this Mean to a New Jersey (NJ) Homeowner with a FHA Mortgage?
If you have a FHA Mortgage and are thinking of refinancing then you need to act now!
Call 201-943-6800 to schedule your FREE strategy session today!
If you would like to get started now please fill out a Secure Online Application and we will contact you to set up your free consultation!
I hope you have enjoyed this blog.
Until next time,
Tony
P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey (NJ) office in Bergen County at 201-943-6800 with any questions you have.
P.P.S. CLICK HERE to check out our FREE Credit Repair Program.
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