FHA is rolling out some changes on January 1st, 2010. One of the big changes is the restrictions on FHA Streamline Refinance transactions. If you don’t know what a streamline refinance is, it’s the ability to refinance a current FHA loan without the need for a new appraisal, no income or asset documentation, pretty much an instant approval. This was designed to be an extremely easy transaction for borrowers looking to simply lower their interest rates or modify their loan term.
With the new changes an appraisal and documentation will be required and this could be a deal breaker for many Americans seeking relief. Call us ASAP if you have an FHA loan an would like to review some current refinance options before it’s too late. You can also apply right here on our website and there’s no cost to have us work up some options for you.