We live in a time when people are upside down in their home value. Some just plain need relief from an interest rate that is higher than the current market rate, and now for one reason or another they don't qualify for doing a refinance. For anyone who has an FHA or VA loan on their home now, there is a great opportunity available to you, it's called STREAMLINED FINANCING. FHA and VA will allow existing borrowers with a current FHA or VA loan to refinance it without having an appraisal or re-qualifying (No verification of income, assets, employment, etc). All you have to be is current on your mortgage, have been in the home for at least twelve months, and paid your mortgage on time during the last twelve months. You cannot do a cash out refinance, but can roll your closing costs into the new loan. The new loan cannot exceed the original base loan amount. FHA Limits increased for Manatee and Sarasota Counties to $442,500. This change is effective immediately and good through December 31, 2009. For Example: $240,000 original loan, at 7% 30 years P&I Payment of $1,596.73 $232,145 remaining balance after 3 years. 4,500 Estimated Refinance Costs $ 236,645 Amount Refinanced at 5.5% 30 years, payment of $1,343.64 · SAVINGS OF $ 253.09 / month or $3,037.03 for the year · NO Money out of pocket, closing costs are rolled into new loan · If you are upside down in your value, a lower payment provides incentive to ride it out until property values increase, it still provides the necessary shelter. For additional information or help with a STREAMLINED REFINANCE please feel free to contact me, I would be happy to help. |