T minus 23 days and counting to STREAMLINE your FHA loan

As I mentioned in a prior post, the guidelines for FHA streamline refinances without an appraisal are going to drastically change on 11/18/09. If you currently have and FHA mortgage in Maryland, Virginia or Washington D.C., please call me today for a free streamline mortgage estimate.

Why the rush?

1. On November 18th, the maximum loan amount for FHA streamlines will change. As of today, you can obtain a loan amount equal to your old loan amount. This typically allows you to roll most or all closing cost into your new loan. The result is a NO COST streamline.

If your FHA case number is assigned on or after 11/18, your maximum loan amount will be your current balance MINUS your applicable upfront MI refund. The result of this change will be that you will likely have to come out of pocket with several thousand dollars to streamline your FHA loan without an appraisal.

2. Another significant change will be that you must have made 6 payments on your existing mortgage to be eligible for an FHA streamline. Did you purchase in July with a rate of 5.5%? Want a rate at or below 5%? You better act NOW! You will not be eligible for a streamline until February of 2010! Who know what FHA interest rates will look like in 2010? That is right around the time when most pundits predict that we will see significant rate increases!

Why should you contact me for your FHA streamline mortgage?

I am an FHA mortgage expert. Over the past 3 years I have funded HUNDREDS of FHA loans, both as a direct lender for companies owned by Goldman Sachs and Barclays bank, but also as a Loan Officer for Choice Finance in Rockville, MD. Choice Finance is a LOCAL mortgage broker with in house Fannie Mae underwriting. Do not work with a large internet company that does not care about you. Work with a local broker that relies on your referral! That is how you will get the best rate and service for your mortgage transaction.

FHA loans, VA mortgages, Fannie Mae/Freddie Mac home loans, Jumbo mortgages, Home equity, Fannie Mae refi plus, President Obama’s making home affordable mortgage program and dozens of other mortgage products. Contact Josh Burley today to discuss your loan.