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bjbj 7.20.12 Shut & Open Shut and open, open and shut. We love the idea as human beings
that when one door closes, another one opens. We would love for everything in life to be
that way. At least I know I would. Fact of the matter is when it comes to the mortgage
and real estate markets over the last number of years, that has not necessarily been the
case or at least people aren t feeling that way. It just feels our doors are getting shut
all over the place and that s because largely federal and estate lawmakers have been working
hard to correct some of the stuff that went wrong years ago that has caused us to be in
the place that we are today. Some of the difficult mortgage and real estate conditions that we
have are due to things being too loose but those laws and their effects, mixed results.
However, FHA has recently come out with a program that truly helps homeowners who are
upside down. Now the FHA streamline refinance isn t new. It s not a new program but the
mortgage insurance rate is. If you purchased a home prior to May 31st, 2009, and you currently
have an FHA mortgage, you can take advantage of new reduced mortgage insurance rates that
were effective here in the middle of June. So, what do you get with an FHA streamline
refinance? The ability to refinance without qualifying, income qualifying; lower monthly
payments; lower closing costs because we don t need an appraisal; and an easier process
without the massive amounts of verification. What do you need in order to get an FHA streamline
refinance? Well you have to have an FHA loan currently. You need to be current on your
mortgage payments and you need to be saving at least five percent on your monthly payments.
Most people that I m talking to fit into that category. An FHA streamline refinance is available
to you if you closed post May 31st, 2009. But that s at the new mortgage insurance levels
and so oftentimes people have been finding that it just doesn t make sense. However,
if you were told previously, say a couple of months ago, that it didn t make sense for
you or you couldn t do it, and you closed prior to May 31st, 2009, you might want to
take another look. t miss the boat here. It s really important to take a peek. In terms
of conventional loans, don t forget HARP 2 is still out there and we re happy to take
a look. Don t assume that the door has been shut for you just because you ve been told
no before. Give us a call. We will see if we can t pry some of those doors open. [Content_Types].xml
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