If you have an FHA loan - you should read today's message.

If you're thinking about buying - you should read today's message.

And, if you know of someone who fits into the first 2 scenarios above - you should definently forward them this message.

I've written a longer FHA Streamline Refinance - The Complete Guide...

...but, today I want to make it more digestible and easier to understand in less than 500 words.

If you have an FHA loan - then, doing an FHA Streamline is definently something you want to consider. 

If you bought your house at least 6 months ago - chances are you probably had your closing costs worked into your rate to keep your cash out of pocket low.

At the very least FHA rates are much lower today than they were anytime within the last few years - so, I would imagine you would like to save a few hundred bucks a month from your mortgage payment?

And, did I mention there's absolutely NO FEES out of pocket?

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Read This if You Have an FHA Mortgage on Your San Diego CA Home (No, Really...) (2019 | 2020 Update)

Let's dig in.

  • No Appraisal Needed - You don't HAVE to appraise your property again (you can) the new loan amount is taken from the last value.
  • No Verification of Job, Income, Credit - Which is great if you lost your job, your income is down, and/or your credit isn't the best. (BUT, to get the best rates and terms - count on showing pay checks, tax returns, and having your credit run. It's all about getting the best rate.)
  • Last 90 Days No Late Mortgage Payments - Make sure you don't have any mortgage lates in the last 90 days and only 1 in the last 12 months
  • 210 Day Waiting Period Between Loans - You need to make a minimum of 6 monthly payments and have 210 days pass between your OLD loan closing and your NEW loan closing.
  • The FHA Streamline Must Have a Purpose - If you can drop your payment by at least 5% - perfect. Or, maybe you want an adjustable rate? Or, maybe you want a construction loan? Whatever it is - there must be a great reason.
  • Loan Balance Can't Increase - Your new loan amount must match your old loan amount (besides the construction loans) and all of your closing costs are worked into the rate. Yes, there are fees - BUT, these are worked into your rate and don't go ON the loan or FROM your pocket.

Here's the bottom line.

San Diego Homeowners: We have qualified buyers desperately seeking to buy immediately and pay top dollar…

Read This if You Have an FHA Mortgage on Your San Diego CA Home (No, Really...) (2019 | 2020 Update)

If you bought a home or refinanced at least 6 months ago - you should definently contact me and see if an FHA Streamline loan makes sense for you. 

And, if your looking towards the future and are thinking an FHA loan fits your credit profile best - know after making 6 consecutive payments it might be a great idea to consider it.

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Read This if You Have an FHA Mortgage on Your San Diego CA Home (No, Really...) (2019 | 2020 Update)

What do you think?

Do you have an FHA loan we should chat about - or, would it be a great idea for you to pass along this message to someone who has one - and, you want to help them save a few hundred bucks a month?

Leave a comment below - or, call or text me at (760) 297-4539

Your FHA Insider,

Scott

If you are a first time home buyer, move up buyer – or, need money for your down payment and/or closing costs - San Diego has many different options to choose from here…

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