You have two separate issues here.
First, on a streamline refinance the loan structure needs to remain identical to the original loan, otherwise you may need to start performing qualifying tasks like appraisals, or income qualifications. Meaning unless you feel like the property has increased in value and you can now qualify on your own, you probably need to leave your parent's on the streamline loan.
The second situation that you face is that in order to do a true streamline, you must decrease your Principal and Interest + MI payment by at least 5% in order to exhibit a Net Tangible Benefit. Not long ago, FHA increased the monthly MI to over double what it was in years past. What this means is that even though your rate would go down, the increase in MI sometimes offsets the benefit and in turn could actually raise your payment.
However, it depends on when you actually closed on your loan. I would happy to talk more about this with you and explore the possibilities.
Feel free to contact me at 702-808-8328.
Your mortgage partner for life,
Rey Gallegos ( NMLS ID 557038)
Loan Officer | Branch Manager
W.J. Bradley Mortgage Capital Corp. ( NV License # 504)
2200 Paseo Verde Pkwy. Ste. 100
Henderson, NV 89052
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.
I can help you. Because you are removing your parents from this new loan, you have to provide more paperwork to prove you qualify on your own than a normal streamline. But in most cases an appraisal is not necessary.
The tricky part comes in the fact that when you do a streamline, you have to show that your Principal + Interest + Mortgage Insurance is at least 5% better than what you currently have. While the current FHA interest rate is at or below 4% on an FHA loan, the Mortgage Insurance factor has increased dramatically since you purchased. The MI factor now is 1.15% and makes the 5% benefit harder to come by since your current interest rate is 5.25% but it can be done.
Contact me if you still need help.
Andy Gutman, Loan Officer
(702) 575-3757 cell
I would recommend that you talk to Mortgage Loan Specialist,
Contact Barbara Castro WJ Bradley,(702)650-7664 or (702)281-0122
If I can assist you with any other question contact me @
(702)281-2225 or email:email@example.com
Realty One Group
I KNOW LAS VEGAS AND HAVE FOR 40 YEARS
Rey provided good information regarding the streamline refi requirements.
I am curious if you want the house in just your name or the mortgage in just your name? There are ways to get the deed in just your name and an attorney would be a great person to help you with the legal documents required.
If it's the mortgage you want in just your name, then based on the information you've provided, you would have to do traditional refinancing and your individual credit and income would be considered in determining your new interest rate as well as the current value of the property.
Marie Sestile, CDPE, REALTOR
Since 1917 Realty
You need to speak to a mortgage originator. Has your home gone down in value? Is it worth the same or more. If you home has not gone down in value and you have the income and credit score to qualify, you would need to do a regular refinance since you are taking your parents off the mortgage.
Mortgage Loan Originator
Broker License #504 Branch # 372238 NMLS
Nevada Banker License #2061
DIRECT to Steve 702-413-7467
I have a great lender that I have worked with for over 12 years. I am sure she could answer your question. If you want to contact me I can give you her contact information. I hope you will be able to do a refi.