HUD recently approved a reduction on annual and monthly Mortgage Insurance Premiums, which commenced on June 11th. These FHA Non Credit Qualifying Streamline Refinances were to close fast as they didn’t need to be Credit, Income, or Appraisal Qualified. The loan was based on the Client’s previous good payment record, and would allow them to refinance into the LOW RATES we now have.
…and in a flash…the product disappeared. Yes, you can still opt to have a refinance, and benefit from an Interest Rate Reduction, but, now it is “Credit Qualifying” where you will need to supply to your Lender all your Income and Asset Documentation once again.
So for the few folks who got their loans submitted on June 11th, Congratulations are in order. For those of you who missed the Cut- Off, you can still achieve the same result, but be ready to give your Lender all those documents we will need to prove you are still a good and eligible Client!
For those of you who may need to refinance, but, would like to avoid having to “income qualify” there are still some other Lending alternatives that we could explore for you. A phone call or appointment with your Mortgage Advisor is the way to find out what will work best for your personal situation.
Should you have any questions, please feel free to reach out to me.