FHA or the Federal Housing Administration has just come out with new guidelines for the FHA Streamline Loan.
In the past most people that had purchase a FHA loan could streamline (refinance) to FHA at no cost…..to a lower interest rate without an appraisal or income documentation. But starting November 18, 2009 anyone with a FHA loan must qualify for a FHA refinance which will require an appraisal, income documentation and asset documentation. There is going to be a HUGE push to get these loans done because they MUST close before November 11, 2009. So if you have plans to refinance CALL your mortgage lender NOW and take advantage before this change. If you need names of some great lender email me and would be happy to help. Visit FHA GUIDELINES for more information or to see if you qualify now.