Crime & Safety in Anthem>Question Details

Lenny, Both Buyer and Seller in Anthem, AZ

what is the benefit of fha streamline no cost mortgage ? Is it really no cost ? Or hype

Asked by Lenny, Anthem, AZ Thu Feb 10, 2011

Help the community by answering this question:

Answers

8
Stephanie Weiss’ answer
I know I'm late to this party :) The streamline was created for a borrower to go to their CURRENT lender and get a streamlined loan, mostly to get an interest rate reduction or basically refinance outside the normal situations. The borrower has to have employment and a good credit score. You can basically get a refinance above 80% LTV without paying MIP (mortgage insurance premiums). You need to speak to your existing lender. You also need to know if you have a FNMA or FREDDIE MAC backed loan. The basic benefit is getting your interest rate down. You may have the normal closing costs tied into it. The lenders can add that into the loan amount too but it all depends on your situation and your lender so give them a call. Good luck!
0 votes Thank Flag Link Fri Feb 18, 2011
Purchase new home or renovate your old one with 203k loan.
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.
0 votes Thank Flag Link Sun Jun 16, 2013
Great question. Talk with a lender, it should be a free conversation to have. If you dont know of any, start with your bank as you already have a working, professional relationship with them.

Best of luck.
0 votes Thank Flag Link Fri Feb 11, 2011
@Doug McVinua

I was just reading the question and know of only the FHA Streamline Refinance and have mentioned below some of the safeguards and advantages to this type of loan. I did not see as part of Lenny's question that is specified that Lenny was a buyer or a seller only that is the category below his name, my assumption based on the described mortgage was that he was refinancing the house.

As for buying a home there are so many directions to take based on credit scores, down payments, location of the house, and credit history with bankruptcy and foreclosure; just too many variables to touch on. Most of my loans in the past 2 years have been FHA loans, they require little down and the interest rates are very low historically; there are sometimes worries about the condition of the property but have not had issues with resolving what comes up in an appraisal. It is best to talk it out and come up with a plan for Lenny's specific needs; and I would be happy to help if called upon.


Matt Puzz
Licensed Loan Originator
Amerifirst Financial, Inc.
1910 S. Stapley Drive #209
Mesa, AZ 85204
Direct: 602-410-9333
Office: 480-682-6617
Fax: 480-344-3687
NMLS# 213777 AZ LO-0915068
Apply Online: http://www.mattpuzz.com
0 votes Thank Flag Link Thu Feb 10, 2011
@ Matt Puzz

I know you are one of the experts in the valley on this subject and I really appreciate you sharing with Lenny the FHA streamline. My concern and approach was centered more around the information Lenny presented that he is a Buyer and a Seller? If he is a Buyer and a Seller could the FHA streamline potentially not be the best choice? You know your job better than I by far, just trying to get Lenny the best possible advice and had concern the situation had more involved than was stated in the question.

Lenny, sorry to capture your question and go out on a tangent!! HA Maybe you could answer, are you doing a refinance or are you a Buyer and Seller?
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Thu Feb 10, 2011
The FHA Streamline Refinance is a great opportunity for you to lower your payment without substantially raising your principal balance and it does not require an appraisal in most cases. There are safeguards in place for you as a lender that only the upfront mortgage insurance can be added to the outstanding balance, no other closing costs can be added such as lender and title fees. I recommend that my borrowers be prepared to bring to closing what amounts to a regular monthly payment plus or minus a couple hundred dollars, this money will replenish the escrow account that you now have and will therefore be closed as part of the refinance. In about 3-5 weeks you will get the escrow money sent to you from the closed loan. If you would like to talk more about this, call me. I do these loans all the time and will gladly help you to close by the end of the month.

Matt Puzz
Licensed Loan Originator
Amerifirst Financial, Inc.
1910 S. Stapley Drive #209
Mesa, AZ 85204
Direct: 602-410-9333
Office: 480-682-6617
Fax: 480-344-3687
NMLS# 213777 AZ LO-0915068
Apply Online: http://www.mattpuzz.com
0 votes Thank Flag Link Thu Feb 10, 2011
Lenny

I totally support what Scott told you. It is best to sit with a local mortgage broker/banker and look at the options. Every situation is unique and until enough information is out on the table it would be irresponsible to absolutely state one option is better than another. Everything has a cost!!

I would be glad to provide a referral to a local, very experienced banker if you would like. You would receive a free consultation to determine the best avenue to take, sometimes that answer is to do nothing or stay with however already has your loan.

Doug McVinua
HomeSmart

Arizona Homes for Sale by a Guy from Iowa
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Thu Feb 10, 2011
It is a great program however There is always a cost, in most case sit is pay now or pay later meaing you are allowed to finance soem costs instea dof paying them upfront. Your best bet is to sit down with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know what other programs there are, and show you the costs of each.

Please see my blog for a list of tips and advice on getting a mortgage
0 votes Thank Flag Link Thu Feb 10, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer