FHA streamline Reduction question?
I got a letter today from a small local finance company saying I can get this FHA payment reduction:
“As mandated by the Federal Housing Administration (FHA), the FHA loan obtained in December 2008 is now due for a Payment reduction of $33.51.
Additionally, as part of this FHA payment reduction and in conjuntion with the AMerican Recovery and Reinvestment Act of 2009, you will not have a payment due for a minimum of 30 days from your participation date.”
“FHA guidelines require that all FHA loans be given equal and honest access to this payment reduction………”
I researched some bits online about this and called the number on the paperwork and he told its basicly called a “streamline” refinance or something, And he says it wont cost me nothing and wont change anything but lower my payments (no closing costs or anything). He says they buy the loan off of my current lender and then lower the APR then sell it back or to another finacne company.
Anyone have ever done this or have any info on this?? Im a first time buyer and only been a home owner for about 10 months and dont know if this is a scam or if theres a draw back or something???
Related FHA and HUD Posts
- Understanding the Advantages of Fha Refinance Loans
- Fha Mortgage Rates Squeezed to the Brim
- Qualifying for Your FHA Loan in Tulsa OK
- Question about FHA Loan Guidelines?
- Marketing Tips for Mortgage Brokers of FHA Streamline Refinances
- Florida FHA loan down to ((530 FICO!))
- Florida FHA loan, Florida FHA Mortgage Lender, Florida FHA mortgage, Florida FHA home loan
- Florida FHA Loans, Florida FHA Mortgage, Florida FHA Lenders, 97% Financing
- FHA Mortgage FLorida, FHA home loan FLorida, FHA loan FLorida, FHA mortgage Lender FLorida
- Let FHA loans Help you Buy a Miami Home, ((97% down to 530 FICO))
- What Are FHA/HUD Loans Loan? Florida FHA loan 97% w 580 FICO
- FHA Mortgage Florida, FHA loan Florida, provides security for Florida homebuyers
- FHA mortgage Florida, Florida mortgage, FHA mortgage loan , Florida FHA loans
- Current Fha Mortgage Rates – Where Do You Stand
- 5 Rules for an Fha Streamline Refinance
- FHA Streamline Refinance Loans
- FHA Streamline Home Loans
- FHA 203k Streamline Can Help with Foreclosures
- FHA loan has a low signal
- Black Friday Special Edition of Mortgage News
- New FHA Rules For Streamline Refinances Take Effect – Mark …
- New Streamline Rules BeginToday
- Florida FHA Home Mortgage Florida FHA Loan Benefits
- Small Personal Unsecured Loans Free Important Fact
- Low Down Payment Loan Program for San Mateo County – Only 0.5 …
- 5 Tips For First-Time Mortgage Borrowers | Loan Mortgage Credit!
- FHA Loan Limits to Remain Same Through 2010
- FHA Loan Limits to Remain Same Through 2010 | FHA Mortgage Guide
- What is the time period can I refinance an FHA loan without paying closing cost again?
- What Is A FHA Loan?
- Questions about a FHA loan, Mortgages, and first time buyers?
- Refinancing FHA Loans Online
- Are there any loans that are alternatives to FHA but have similar downpayments and terms?
- Will I be able to buy this short sale with an FHA loan? What will it cost?
- Want to buy with FHA loan to rent out the property, can I do this and then live at home at my parents?
- When is it too late to back out of buying a house?
- Can you get an FHA loan on a foreclosed house (empty) with a septic system?
- Can I Get a 1st Time Home Buyers Loan On a Cabin in the Mountains?
- Will my bad credit prevent my wife from qualifying for an FHA loan?
- How to decide between a conventional v/s FHA loan?
- How can I buy a HUD home?
- If I get an FHA loan,can I still get the $8000 tax credit.?
- my fha mortgage is not insured – what do i do?
- FHA Interest Rates
- FHA Loan Requirements
- FHA Loans- Affordability Solutions for First Time Homebuyers
- 100% Florida FHA Loans – FHA Mortgage accepts down payment assistance
- Florida FHA Mortgage to Iincrease homeownership, 97% financing
- Why Choose an FHA loan? (( 97% w 500+ FICO ))
- Florida FHA Mortgage, FLorida FHA loan, Florida Mortgage Lender
Tags:
10 months,
basicly,
closing costs,
conjuntion,
Federal Housing Administration,
fha guidelines,
fha loan,
FHA Loans,
fha streamline refinance,
finance company,
first time buyer,
paperwork,
participation,
question,
reduction,
reinvestment act,
streamline
Tags:
10 months,
basicly,
closing costs,
conjuntion,
Federal Housing Administration,
fha guidelines,
fha loan,
FHA Loans,
finance company,
first time buyer,
paperwork,
participation,
question,
reduction,
reinvestment act,
streamline
This entry was posted
on Monday, December 28th, 2009 at 9:13 am and is filed under fha streamline refinance.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Top incoming search terms for this post
There is indeed such a thing as an FHA Streamline (no cash out) refinance program. But, it is NOT a “no fee” thing. You will pay either up front or by having the refi costs tacked onto your loan.
Go to the FHA website to read about Streamline refis. There are a lot of scammer mortgage brokers who misrepresent them. My daughter has an FHA loan and gets at least one “Streamline Refi” junk mail offer each week.