Refinancing 6 months old FHA mortgage?

Posted on Sep 16, 2012 in FHA Information

refinancing fha mortgage
by marsmet526

Question by Scott: Refinancing 6 months old FHA mortgage?
I bought a house 6 months ago and got 6% interest rate on 30 yr FHA. Watching the rates go down made me wonder if I can refinance. Since FHA is a government-backed mortgage loan I was wondering what the options were. I read something about FHA streamline refinance but didn’t really understand if that’s what I could do. How much are fees?
My lender is US Bank


Best answer:

Answer by Beverly S
An FHA streamline refinance is an excellent program. Since you are already on an FHA loan – FHA allows you to do a streamline refi which basically reduces your rate- Fees are minimal and can be included in the loan- there is no appraisal needed, site hospital no income docs needed and no credit check. The only requirement is that you have paid your mortgage/or rent (in your case 6 payment on mtg. & 6 months rent or mortgage where you lived before) on time with no 30 day lates.

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One Comment

  1. hey … I’m in the same situation i’m at 5.875% and going down to 5% … in the process now …. o yea i’m the mortgage guy who can help you … want my help?

    doing mine right now and about 10 others and have closed at least 30 in the past few months