Are Conventional Mortgage Streamline Refinances Coming?
If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting! read an update on this issue The biggest challenge facing home owners wishing to refinance their home into these great interest rates is whether or not they have enough equity. The way a mortgage company decides how much equity you have in your home is by comparing the outstanding balances on your home to the value determined by an appraisal. In general, most people who bought a home in the past 4 years are finding their values are coming up short. There is one group of homeowners who are not having to worry about issues such as appraisals when they are looking to refinance. These are owners who used a FHA loan for their home. Why? Because FHA has a refinance program called a “Streamline Refinance.” In this program, essentially all the owner needs to qualify for a new loan is to have a FHA loan currently and made their last 12 monthly payments on time and be reducing their monthly payment with the refina
