FHA Streamlines are not expensive at all. Depending on which state you live in you still have title or attorney fees plus lender closing costs but compared to other mortgage transactions it’s not expensive. They call it Streamline because you don’t have to credit qualify (no credit report, minimum credit score, income or asset requirements). If you have a 30 Year FHA loan you already have PMI (.55%) and the new loan would have it too. The Streamline also avoids using a new Appraisal and accepts previous value. This is a big deal considering current property values.

The modification is a joke and hasn’t worked real well at benefiting the number of people they thought it would.

As far as your last questions about refinancing without PMI, we are doing a lot of the Making Home Affordable Refinance loans. If you have a conventional loan with no PMI, you can refinance it without PMI up to 125% of the new value. This is huge! There are fees involved and it could add up but depending on your current interest rate and the rate you can refinance into, it could be worth it.

If you want us to work up some detailed options just compete the application our this website and we’ll give you some personalized options. Thanks for commenting!

this obama remodification is a joke………… 3 complete packages turned in to chase and she is not eligible. what is going on? thought he was going to make a difference but it is politics as usual.

what refi is available for someone who has excellent credit and pays her mortgage and has never been late? when she bought the house she put in excess of 20% down and yet to refi if you don’t put 20% down you must pay mortgage insurance.

catch 22???????

thanks